The cryptocurrency market just experienced a major inflection point as over $3.8 billion in Bitcoin and Ethereum options expired on June 6, 2025. These expiries have raised discussions around potential volatility, with market participants carefully analyzing how prices may react in the short term.

Bitcoin Dominates With $3.2 Billion in Expiring Options

Out of the total, Bitcoin [BTC] accounted for the lion’s share with $3.21 billion in expiring contracts. A total of 31,000 Bitcoin options were settled, with a put/call ratio of 0.76, indicating that more traders had bet on prices going up than down. The “max pain” price — the level at which option buyers lose the most — was calculated at $105,000.

The open interest (OI) for Bitcoin options stood at an impressive $41.69 billion, showcasing heavy engagement from both institutional and retail investors. Deribit led the pack with $33.33 billion in OI, followed by CME at $3.12 billion, OKX at $3.09 billion, Binance at $1.33 billion, and Bybit with $823 million. These figures highlight the depth of Bitcoin’s derivatives market and the level of commitment from traders ahead of the expiry.

Ethereum Sees Moderate But Notable Expiry Activity

Ethereum [ETH] options expiry involved over 241,000 contracts with a notional value of $624 million. The put/call ratio for ETH stood at 0.67 — again showing a bias toward bullish sentiment. The max pain point was recorded at $2,575, reflecting a concentration of open positions around that price level.

While not as large as Bitcoin’s, the Ethereum expiry still carried significant implications. Around 10% of all positions saw renewed activity this week, breaking a trend of declining participation. Notably, more block trades and institutional-style orders hinted at renewed institutional interest.

Market Sentiment: Slow Recovery, Not a Breakout

Despite the large expiries and increased options activity, analysts have expressed cautious optimism. The consensus appears to be that both BTC and ETH are in for a gradual recovery rather than a sudden price breakout. Over the past week, both assets moved sideways, as markets absorbed external shocks and reevaluated their short-term direction.

One of those external shocks came from an unexpected source: a public spat between Elon Musk and Donald Trump. The dispute not only impacted Tesla’s stock but sent ripples through the crypto market as well, with increased selling pressure tied to broader concerns about inflation and potential shifts in U.S. economic policy.

Options vs. Futures: A Closer Look at Market Structure

Understanding the balance between options and futures is crucial in predicting market behavior post-expiry. For Bitcoin, the options open interest ratio stood at 58.14%, signaling a healthy balance between derivatives markets. This suggests Bitcoin is currently experiencing moderate pressure from expiring options, which may translate into short-term volatility.

Ethereum’s options ratio, however, was much lower at 21.19%. This implies that ETH’s market action remains dominated by futures and perpetual contracts rather than options. As a result, while BTC could see sharper price fluctuations post-expiry, ETH may remain relatively stable — at least in the near term.

Historically, Bitcoin’s options OI ratio has hovered between 50% and 125%, indicating a mature and influential derivatives market. In contrast, Ethereum’s ratio has remained under 50% for most of the year, reinforcing its less volatile response to options expiry events.

What Happens Next?

Post-expiry market movements typically depend on where the majority of open interest was concentrated. Since BTC’s max pain level was at $105K and ETH’s at $2,575, traders will be watching these price levels closely. If Bitcoin consolidates near or above the $105K mark, it may indicate strong support from institutional buyers. For Ethereum, holding above $2,575 could signal stability and a foundation for a future rally.

However, with inflation concerns, geopolitical uncertainty, and external drama still looming large, traders are advised to remain cautious. Even with bullish options ratios, the broader sentiment can shift quickly.

Conclusion

The $3.8 billion options expiry has injected a fresh wave of anticipation into the crypto markets. Bitcoin’s massive derivatives activity and Ethereum’s moderate but consistent inflows both reflect a market that’s gearing up — but not rushing — for its next big move. As always in crypto, the key lies in monitoring the post-expiry landscape to see whether support levels hold or break under pressure.

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