Bitcoin and Ethereum Hit $11B Options Expiry Amid Ongoing Market Selloff

Bitcoin is approaching one of its most significant options expiries of the year, while spot market conditions continue to show weakness.

Approximately 153,500 Bitcoin options contracts are scheduled to expire on Friday, June 26, carrying a combined notional value of around $9.3 billion.

The timing, coinciding with both month-end and quarter-end, makes this expiry substantially larger than a typical weekly settlement. During such periods, traders frequently rebalance their positions, which can amplify short-term price volatility.

At the time of writing, Bitcoin was trading near $59,648, after briefly falling to an intraday low of approximately $58,189.

BTC Trades Below Key "Max Pain" Level

Market data from Deribit shows that Bitcoin is entering this expiry well below its estimated $72,000 max pain level.

Deribit also noted that recent quarterly expiries have not consistently demonstrated a strong “pinning” effect around settlement prices, suggesting limited price attraction toward max pain in current conditions.

The concept of max pain refers to the price point at which the largest number of options contracts expire worthless. When spot prices remain far below this level, a large portion of call options lose value at expiry, reflecting a shift away from bullish positioning rather than a guaranteed upward pull.

Rising Hedging Demand Signals Bearish Sentiment

This week’s options data shows a put/call ratio near 0.73, indicating that while call options still outnumber puts, demand for downside protection has increased.

According to GreeksLive, Bitcoin’s 25-delta skew has deteriorated across short-term maturities, with put options now trading at a premium over calls across several tenors. This suggests traders are increasingly willing to pay for protection against further declines.

Open Interest Concentrated Around Key Price Levels

Total Bitcoin options open interest has climbed to nearly $34 billion, based on CoinGlass data.

Deribit positioning also highlights significant concentration around the $80,000 strike, while the $60,000 level continues to act as a critical downside zone for the market.

Following last week’s $2.13 billion expiry, traders had already been closely watching the $60,000 area. Analysts previously warned that a decisive break below this level could accelerate hedging activity and increase selling pressure.

Ethereum Also Faces Heavy Expiry Pressure

Ethereum is also set for a large derivatives settlement, with around 1 million ETH options contracts expiring, valued at approximately $1.6 billion.

ETH carries a put/call ratio near 0.54 and a max pain level around $2,000, while trading significantly lower at roughly $1,544, after dipping to $1,515 earlier in the session.

This leaves a large portion of bullish ETH positions out of the money, increasing pressure on short-term sentiment.

Market Context: Recent Selloff Intensifies Pressure

The current expiry follows a broader market downturn, with Bitcoin falling roughly 4% during Asian trading hours before recovering toward the $60,000 region. Ethereum also dropped more than 5%, briefly revisiting levels last seen in earlier bearish phases.

Combined, Bitcoin and Ethereum options expiring this week represent approximately $11 billion, making it one of the largest derivatives events of 2026 so far.

Volatility Likely to Stay Elevated

From my perspective, this expiry does not guarantee a directional move, but it clearly reflects a market under stress. The combination of heavy notional value, rising demand for downside hedges, and spot prices trading well below key positioning levels suggests that volatility is likely to remain elevated.

What stands out most is the widening gap between current price levels and trader positioning around higher strikes, which indicates that market sentiment has shifted decisively away from bullish expectations in the short term. Unless Bitcoin can stabilize above the $58,000–$60,000 zone, the market may continue to experience reactive moves driven more by hedging flows than by organic spot demand.