Bitcoin is headed for one of its biggest options expirations of the year as spot markets remain under pressure.
Summary
- Bitcoin options expiring today remain above the zone, keeping the $60,000 level under pressure again.
- It places premiums on calls over calls as traders seek protection against near-term downside risks.
- Ether adds $1.6b in expiring contracts while seeing ETH move closer to the 2026 low this week.
About 153,500 Bitcoin options contracts will expire on Friday, June 26, with a symbolic value of $9.3b.
Month-end and quarter-end times make the event bigger than the usual weekly expiration. Traders often adjust positions on these days, which can add to short-term price swings. Bitcoin traded near $59,648 at the time of writing, after touching an intraday low near $58,189.
According to Deribit market update, BTC is entering expiration below its $72,000 high.
“Recent quarterly expirations showed limited evidence of a pre-correction pinning effect,” Deribit added.
The biggest pain is the price when a large number of options expire without value. If the spot price is significantly below that level, most call options lose value at expiration. That doesn’t always pull the price higher, but it does show how far the market has moved from a bullish setup.
Bitcoin sellers pay for low protection
This week’s batch of Bitcoin options has a put/strike ratio close to 0.73. That means the call contracts are still overpriced, but the need to hedge has grown as prices have weakened.
GreeksLive said that BTC’s 25-delta skew has worsened over short-term maturities. The company said that it is now doing business at a higher level than calls on all major networks. That shows that traders are paying more for protection in some cases.
Total Bitcoin options open interest has risen close to $34b in trading, according to CoinGlass options data. Deribit data also shows open interest around the $80,000 strike, while the $60,000 strike remains an important downside point.
As previously reported, last week’s options expiration of $2.13b kept the $60,000 level in focus. GreeksLive had warned that a clean break below that level would force hedging activity and accelerate sales.
Ether adds to the expiration wall
Ether is also facing massive obsolescence. About 1m ETH options contracts are set to expire, with a notional value of close to $1.6b. The group has a high pain point near $2,000 and a put/call ratio of about 0.54.
ETH traded near $1,544 at the time of writing after falling to $1,515 earlier in the session. The token remains well below its maximum pain point, leaving many bullish contracts in the currency.
As crypto.news reported, Bitcoin and Ether faced the expiration of $2.5b in options on June 12, when BTC is again trading under heavy pain and support centered at $60,000 to $62,000. That same area is now under more pressure.
BTC and ETH expirations combined are worth about $11b. This makes Friday’s deal one of the biggest crypto breakout events of 2026 so far.
Spot market remains weak
Options expire after a large market sell-off. Bitcoin fell nearly 4% during Friday’s Asian session before returning to $60,000. Ether is also down more than 5%, briefly touching levels last seen during previous bear market trading.
In a previous article, crypto.news discussed how Bitcoin fell to $73,000 before the expiration of other major options, as ETF outflows and exit pressure hit the market. Recent declines indicate that pressure has moved deeper into the $60,000 area.
Expiring options alone may not determine the next trend. However, the size of the June 26 deal, weak spot prices and low hedging demand may keep volatility high over the weekend.
For sellers, the main standards are always simple. Bitcoin needs to defend the $58,000 to $60,000 range for further sell-offs. Ether needs to recover above $1,600 to avoid deep pressure near the $1,500 area.
