How Will $2.2B Bitcoin Options Expiring Impact Spot Markets Today? 

Friday has rolled around again, which means more Bitcoin and Ether options contracts are expiring as the spot bear market deepens. 

Around 35,000 Bitcoin options contracts will expire on Friday, June 12, with a notional value of roughly $2.23 billion. This is slightly larger than last week’s, but is still unlikely to impact spot markets.

Crypto markets have continued to decline all week, with around $50 billion leaving the space, but those declines have slowed.

Military strikes between the US and Iran have continued, and a deal seems a distant hope. A high inflation print and the SpaceX IPO liquidity drain have also added to macroeconomic headwinds for crypto assets.

Bitcoin Options Expiry

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.66, meaning that sellers of long contracts far outweigh short contract sellers. Max pain is around $67,000, according to Coinglass, which is much higher than current spot prices, so most will be at a loss on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at the $80,000 strike price on Deribit, with $1.6 billion, but short sellers still have $1.3 billion in OI at $60,000. Total BTC options OI across all exchanges has been declining recently, and is at $33.4 billion, according to Coinglass.

Bitcoin is holding above its 200-week moving average at $62,000, but institutions are “selling into the bounce,” said Deribit this week.

“Despite recent volatility, positioning remains skewed toward calls across both assets.”

BTC options positioning has “consolidated around a narrow set of strikes,” said crypto derivatives provider Greeks Live.

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“The largest short dealer exposure anchored is at $60K. Collectively, downside exposure is heavily concentrated within the $60K to $62K range.”

🚨 Options Expiry Alert 🚨

At 08:00 UTC tomorrow, ~$2.51B in crypto options are set to expire on Deribit.$BTC: $2.23B notional | P/C: 0.68 | Max Pain: $66K$ETH: $291M notional | P/C: 0.62 | Max Pain: $1.75K

Despite recent volatility, positioning remains skewed toward calls… pic.twitter.com/F5jdgUpxDw

— Deribit (@DeribitOfficial) June 11, 2026

In addition to today’s batch of Bitcoin options, around 175,000 Ethereum contracts are also expiring, with a notional value of $293 million, max pain at $1,750, and a put/call ratio of 0.58. Total ETH options OI across all exchanges is around $5.6 billion.

This brings the total crypto options expiry notional value to around $2.5 billion, which is a relatively small expiry event.

Spot Market Outlook

Total capitalization has ticked up marginally on Friday, but it remains at multi-month lows around $2.25 trillion. Bitcoin added 2% on the day to trade around $63,500 at the time of writing, but selling pressure still overwhelms any potential buyers.

Ether prices have been flat around the $1,650 level, and there does not seem to be any catalysts for a breakout yet. Some of the better-performing altcoins include Hyperliquid and Monero. The latter has jumped 16% on the day, but most of them remain at multi-year lows.