$3.8B Crypto Options Expiry Looms—Will It Derail the Rally?

Crypto traders brace for impact as a tidal wave of $3.8 billion in options contracts expires today. Will the market shrug it off—or get crushed under the weight of gamma exposure?

Bullish bets dominate the stack, but dealers hedging their positions could trigger violent swings. Meanwhile, Bitcoin's spot market liquidity remains thinner than a Wall Street banker's patience for 'decentralization.'

One thing's certain: someone's about to get rich off this volatility. Place your bets.

Crypto Options Expiry

This week’s batch of bitcoin options contracts has a put/call ratio of 0.76, meaning that there are slightly more long contracts expiring than shorts as sentiment cools. There is also a max pain point of $105,000, around $2,000 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 the $115,000 strike price, which has $1.7 billion, and there is an additional $1.6 billion in OI at the $140,000 strike price as bullish speculators remain confident, according to Deribit.

Options Expiry Alert

At 08:00 UTC Friday, over $3.8B in crypto options are set to expire on Deribit.$BTC: $3.21B notional | Put/Call: 0.76 | Max Pain: $105K$ETH: $624M notional | Put/Call: 0.69 | Max Pain: $2,600

Calls dominate up the curve. What do you expect to… pic.twitter.com/qipjSBR43l

— Deribit (@DeribitOfficial) June 5, 2025

In a market update on Thursday, crypto derivatives provider Greeks Live said the group appears predominantly bearish, “with most traders expecting a continued correction in Bitcoin despite the recent upward movement.”

“Traders are watching the $105 to $109K resistance level for BTC while mentioning that volatility remains persistently low, creating challenging conditions for options traders.”

They added that short call positions, especially in the $108K to $109K range for June 7 expiry, are popular as “traders expect BTC to remain under this resistance.”

“Most are avoiding longing at current levels despite the temptation, with some expecting a deeper flush before considering long positions.”

In addition to today’s batch of Bitcoin options, there are around 241,000 ethereum contracts that are also expiring today, with a notional value of $624 million, a max pain point of $2,600, and a put/call ratio of 0.69. This brings Friday’s combined crypto options expiry notional value to around $3.8 billion.

Crypto Market Outlook

Crypto markets have tanked 5.5% on the day with total capitalization sliding to $3.3 trillion, its lowest level for almost a month.

Bitcoin led the losses with a 2.7% dump to $101,000 before a slight recovery during the Friday morning Asian trading session. The asset has now lost almost 9% since its all-time high, but is teetering on support levels in six figures for now.

Ethereum’s momentum has ended with a 7% dump from over $2,600 to around $2,400, where it was trading at the time of writing. The altcoins were predictably in more pain with larger losses for Dogecoin, Sui, and Shiba Inu.