Bitcoin is heading into one of its largest options expiries of the year as spot markets remain under pressure. <\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Around 153,500 Bitcoin options contracts are set to expire on Friday, June 26, with a notional value of about $9.3b.<\/p>\n The end-of-month and end-of-quarter timing makes the event larger than a normal weekly expiry. Traders often adjust positions around these dates, which can add short-term price swings. Bitcoin traded near $59,648 at the time of writing, after touching an intraday low near $58,189.<\/p>\n <\/p>\n According to a Deribit market update<\/a>, BTC is entering expiry well below its $72,000 max pain level.\u00a0<\/p>\n \u201cRecent quarterly expiries have shown limited evidence of a consistent pinning effect ahead of settlement,\u201d Deribit added.<\/p>\n<\/blockquote>\n Max pain is the price where the largest number of options expire with no value. When spot price is far below that level, many call options lose value at expiry. That does not always pull price higher, but it shows how far the market has moved from bullish positioning.<\/p>\n \ud83d\udea8 Q2 Options Expiry Alert \ud83d\udea8<\/p>\n At 08:00 UTC tomorrow, ~$10.8B in BTC and ETH options are set to expire on Deribit. The largest expiry event on Deribit in 2026 so far.<\/p>\n bitcoin:native : ~$9.3B notional | P\/C: 0.73 | Max Pain: $72K \u2014 Deribit (@DeribitOfficial) June 25, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n This week\u2019s Bitcoin options batch has a put\/call ratio near 0.73. That means call contracts still outnumber puts, but demand for downside hedging has grown as spot prices weaken.<\/p>\n GreeksLive<\/a> said BTC\u2019s 25-delta skew has worsened across short-dated maturities. The firm said puts now trade at a premium over calls across major tenors. That shows traders are paying more to protect against further downside.<\/p>\n BTC’s 25 delta skew continues to deteriorate across short-dated maturities, with 1D, 7D, and 1M tenors now trading near the most negative levels recorded in recent months. The repricing has been concentrated in the front end of the curve, while longer-dated maturities have\u2026 pic.twitter.com\/abHtcfL9ND<\/a><\/p>\n \u2014 Greeks.live (@GreeksLive) June 23, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n Total Bitcoin options open interest has climbed near $34b across exchanges, according to CoinGlass options data<\/a>. Deribit data also shows heavy open interest around the $80,000 strike, while the $60,000 strike remains a key downside area.<\/p>\n As previously reported, last week\u2019s $2.13b options expiry<\/a> kept the $60,000 level in focus. GreeksLive had warned that a clean break below that level could force more hedging activity and speed up selling.<\/p>\n Ether also faces a large expiry. Around 1m ETH options contracts are set to expire, with a notional value near $1.6b. The batch has a max pain level near $2,000 and a put\/call ratio around 0.54.<\/p>\n ETH traded near $1,544 at the time of writing after falling to $1,515 earlier in the session. The token remains far below its max pain level, leaving many bullish contracts out of the money.<\/p>\n\n
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ethereum:native : ~$1.6B notional | P\/C: 0.54 |\u2026 pic.twitter.com\/lFgWcR6kQc<\/a><\/p>\nBitcoin traders pay for downside protection<\/strong><\/h2>\n
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![\"Bitcoin](\"https:\/\/media.crypto.news\/2026\/06\/image-322-1024x317.webp\")
Ether adds to the expiry wall<\/strong><\/h2>\n