$1.9B in BTC options expire Friday as ETH skew tilts bearish
BTC saw the heavier expiry at $1.9B notional, but ETH's put-call ratio above 1 signals hedgers leaning defensive into the print.
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BTC saw the heavier expiry at $1.9B notional, but ETH's put-call ratio above 1 signals hedgers leaning defensive into the print.
A $1B liquidation flush has cleared leverage and the June 26 expiry removes a $10B+ positioning overhang, but the next 72 hours trade without ETF liquidity, so native flows alone decide whether $58K…
Weak quarterly expiry volumes and a put-call ratio below 1 on both legs leave the structural read unchanged: desks are hedging, not chasing, while persistent spot ETF and Strategy selling pressure…
The max-pain magnet at $72K didn't pull: ~80% of $10.6B in notional expired worthless, confirming spot flow, not the options book, is driving BTC price into the next leg.
Spot ETFs shed $469M in a single session while 80% of quarterly open interest sits out of the money, leaving the market pinned below the gamma flip at $68K–$70K.
A 162,000 BTC notional expiry lands Friday at 08:00 UTC, and the $72K max-pain level with a 0.81 put/call ratio is the magnet dealers will defend into settlement.
Roughly $10B in BTC options notional expires on Deribit Friday, with most of the pain concentrated on the bullish side as spot continues to bleed.
The popular theory that spot gravitates to the strike where options buyers lose the most is failing in real time, with BTC stuck near $61,700 against a $72,000 max pain target on Friday's record…
Wintermute's OTC desk sees BTC grinding toward its bear-market low while options markets price a tight 1.9% daily move, with three catalysts, PCE, Iran headlines, and a quarter-end options expiry,…
Spot BTC ETFs just printed a record $6B 30-day outflow, and a $10.6B options expiry on Friday puts the $60,000 floor in front of the entire market.
Quarter-end rebalancing and a record-sized Deribit expiry collided with another leg of spot BTC ETF redemptions, leaving the market pinned below a key technical level with no clear bid in sight.
The macro print sets the impulse, the quarterly Deribit expiry decides whether it gets pinned or amplified, and roughly 80% of open interest is already out of the money after June's slide.
31,000 BTC contracts and 138,000 ETH contracts rolled off Friday. The put-call split shows hedgers leaning cautious on ETH while BTC's open interest stayed tilted bullish.
The 84,000 BTC and 639,000 ETH contracts that expired May 29 cleared with bearish put-call ratios and max-pain levels under current price — June OI now carries 40% of the book.
ETH options expire 129K contracts and $280M notional — bull-side put-call ratios across both assets point to neutral-to-bearish hedging demand, not panic.