TLDR
- About 26,000 Bitcoin contracts and 153,500 Ether contracts expire with a combined notional value of nearly $1.85 billion.
- Bitcoin options show a 0.56 put-to-call ratio while max pain stands around $71,000.
- Total Bitcoin options open interest has declined to $31.6 billion across major exchanges.
- Ether options expire with a max pain level at $2,000 and open interest near $5.7 billion.
- Total crypto market capitalization has dropped to $2.26 trillion after heavy weekly losses.
About 26,000 Bitcoin contracts expire on June 5 with a $1.6 billion notional value. Ether adds 153,500 contracts worth $266 million, bringing the total crypto options expiry to nearly $1.85 billion. However, the event remains smaller than last week’s month-end batch, and traders assess its near-term market impact.
Bitcoin Options Expiry Pressures Spot Prices
Bitcoin options show a 0.56 put-to-call ratio, indicating more call positioning than puts. Max pain stands near $71,000, which sits about $8,000 above current spot levels. Consequently, many contracts could expire out of the money if prices remain weak.
Open interest remains highest at the $80,000 strike on Deribit with $1.6 billion. Meanwhile, traders hold $1.1 billion in open interest at the $60,000 strike. Total Bitcoin options open interest across exchanges has declined to $31.6 billion, according to Coinglass.
BTC traded near $61,300 after a sharp weekly selloff and heavy liquidations. Deribit stated that positioning still skews to calls despite the decline. It added that BTC trades around $8,000 below max pain after $1.5 billion in liquidations this week.
🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, ~$1.81B in crypto options are set to expire on Deribit.$BTC: $1.56B notional | P/C: 0.56 | Max Pain: $71K$ETH: $252M notional | P/C: 0.97 | Max Pain: $2KBTC spot is trading ~$8K below max pain after a brutal week that saw… pic.twitter.com/qmXv8uhHFr
— Deribit (@DeribitOfficial) June 4, 2026
Crypto markets have lost more than $300 billion in total value this week. Military strikes between the US and Iran continued as inflation pressures rose. As a result, risk assets weakened while Bitcoin fell over 50% from its peak.
Ether and Broader Crypto Options Data Signal Weakness
Ether options total 153,500 contracts expiring with a $266 million notional value. Max pain for ETH stands at $2,000 with a 0.97 put-to-call ratio. Total ETH options open interest across exchanges holds near $5.7 billion.
Greeks Live said, “With the price breaking below $70K, bears have become more aggressive.” It reported rising put positions at $68K, $65K, and $60K strikes. Therefore, traders adjusted hedges as BTC slipped under key levels.
Ether dropped to a 14-month low near $1,730 and has not recovered strongly. Bitcoin also remains at the lower boundary of its range channel. Total crypto market capitalization declined to $2.26 trillion, a four-month low.
The combined crypto options expiry of $1.85 billion remains smaller than recent peak events. However, traders monitor spot reactions as contracts settle through Friday. BTC traded near $61,300 on Friday morning, while ETH held close to $1,730.
🚨 Our MAY Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for May, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
