Will $3B Bitcoin Options Cause Even More Pain Today in Crypto Markets?

Around 28,000 Bitcoin options contracts will expire on Friday, June 13, and they have a notional value of roughly $3 billion.

This event is very similar to last week’s options expiry, so the impact on spot markets is likely to be minimal. They have already tanked by more than 7% over the past 24 hours.

Bitcoin Options Expiry

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.95, meaning that the longs and short sellers are pretty evenly matched. There is also a max pain point of $107,000, around $3,000 above current spot prices, which is where most losses will be made on contract expiry.

Open interest (OI), or the value or number of BTC options contracts yet to expire, is highest at strike prices between $110,000 and $140,000, with more than $1.5 billion at each price, as bullish speculators remain confident, according to Deribit.

Options Expiry Alert
At 08:00 UTC tomorrow, over $3.7B in crypto options are set to expire on Deribit.$BTC: $3.04B notional | Put-Call: 0.95 | Max Pain: $107K$ETH: $687M notional | Put-Call: 1.20 | Max Pain: $2,700

ETH upside flows are strong heading into expiry.
Will… pic.twitter.com/kLHnzspiXE

— Deribit (@DeribitOfficial) June 12, 2025

In a market update this week, crypto derivatives provider Greeks Live said the group appears “divided on market direction, with bears dominating the conversation as multiple traders have shifted to buying puts for protection.”

They added that there was disagreement around the $120,000 price target “with some believing its ‘not allowed’ while others hope to reach it before any major correction.” Greeks added that traders were also closely watching $90,000 as a potential retest level.

In addition to the batch of Bitcoin options, there are around 250,000 Ethereum contracts that are also expiring today, with a notional value of $687 million, a max pain point of $2,700, and a put/call ratio of 1.2. This brings Friday’s combined crypto options expiry notional value to around $3.6 billion.

Crypto Market Outlook

Total market capitalization has slumped 7.4% to $3.34 trillion over the past 12 hours, with more than $180 billion exiting the space.

Bitcoin has led the losses with a 4.3% dump to $103,000 during the Friday morning Asian trading session. However, the asset remains over six figures and within its six-week rangebound channel, so there is no need for panic yet.

Ethereum has cooled after its promising rally, dumping a whopping 10% in a fall below $2,500 on Friday morning. This price level has served as support, so it must hold to prevent another major sell-off.

The altcoins were a sea of red as expected, with double-digit pain for Solana, Dogecoin, Cardano, Sui, Chainlink, and many others.