About $3.3 billion worth of Bitcoin options and $546 million worth of Ethereum options will expire. The expiration of these contracts may lead to sudden changes in investor behavior. 

Put/Call Ratios and Maximum Pain Points Are Key 

The put/call ratio for Bitcoin options stands at 1.16, indicating a dominance of put options over calls. The maximum pain level for Bitcoin is $106,000 — the price where the most options contracts become worthless. 

On the Ethereum side, the put/call ratio is 0.68, with call positions leading. The maximum pain point for ETH is $2,600. Both assets were trading below these levels as of June 19, with Bitcoin around $105,000 and Ethereum just above $2,500. 

Options Expiry Alert

Tomorrow, about $3.9B in crypto options are set to expire on Deribit.$BTC: $3.3B notional | Put/Call: 1.16 | Max Pain: $106K$ETH: $546M notional | Put/Call: 0.68 | Max Pain: $2,600

BTC shows more balanced positioning near max pain, while ETH flows… pic.twitter.com/hBKVTcodeP

— Deribit (@DeribitOfficial) June 19, 2025

Strong Institutional Inflows Persist 

US-based Bitcoin ETFs recorded their eighth consecutive day of net inflows as of June 19. Ethereum also saw its second-largest inflow day of the year on June 18. These data points show sustained institutional interest and confidence in the market. 

Option expirations, especially near maximum pain points, play a critical role in determining price direction. Investors should be prepared for volatility. 

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