The Bitcoin and Ethereum options market has shifted its focus back to price dynamics following the weekly expiry. Contracts with a combined notional value of $2.1 billion expired, with both assets trading below their respective maximum pain levels.
Bitcoin and ETH Options Expire
Bitcoin and Ethereum options contracts dated June 19 expired with a combined notional value exceeding $2.1 billion. According to data shared by Adam, a macro researcher at Greeks.live, approximately 31,000 BTC options expired with a put-call ratio of 0.78, a maximum pain point of $65,000 and a notional value of $1.9 billion.
Meanwhile, 138,000 ETH options expired on the same day. These contracts had a put-call ratio of 1.03, a maximum pain point of $1,725 and a notional value of $230 million.
Calls Still Dominate Overall Open Interest
The broader open interest picture tells a slightly different story. Bitcoin has 284,786.70 call contracts and 182,440.60 put contracts outstanding, bringing the overall put-call ratio to 0.64.
Ethereum has 1,432,297 call contracts and 800,389 put contracts, leaving its ratio at 0.56. While selling pressure was more visible in the daily expiry, calls continue to dominate across the broader market.
A significant share of this open interest is concentrated on a single date. Contracts expiring on June 26 account for 35.09% of total Bitcoin open interest and 44.67% of Ethereum open interest. Adam said next week’s quarterly expiry will cover approximately 15% of total open interest.
Prices Remain Below Maximum Pain Levels
According to Adam, Bitcoin attempted to recover toward $67,000 this week, but the move lacked sufficient momentum. The market’s buying capacity remained limited amid institutional selling pressure.
Both BTC and ETH are currently trading below their respective maximum pain levels and continue to fluctuate around these ranges.
This week’s expiry represents approximately 6.5% of total open interest. The figure is lower than last week’s level and remains within the average range recorded in recent periods.
Gamma Concentration Sits Between $60,000 and $63,000
The options structure shows gamma exposure, or GEX, concentrated between $60,000 and $63,000. These positions will expire over the next two weeks and could affect price action through released margin or changes in implied volatility.
The skew indicator also remains in negative territory, suggesting that market participants are still seeking protection against a potential decline.
MicroStrategy Pressure Weakens Market Confidence
Adam identified MicroStrategy’s continued coin sales and the discount affecting its shares as two major factors weakening market confidence and making fresh capital inflows more difficult.
Market sentiment remains subdued for now.
