Bitcoin falls toward $62,800 as $1.9B options expiry passes

Bitcoin fell 2.4% to $62,800 on June 19 as $1.9 billion in weekly options contracts expired with both BTC and Ether trading below their max pain levels, data from CoinGecko and Coinglass show.

"The $60,000 strike functions as a critical threshold — a sustained breach below this level would shift dealer hedging flows from stabilizing to directionally reinforcing," GreeksLive said in a note. The derivatives provider added that the $70,000 to $82,000 range acts as a positive gamma zone where activity dampens volatility.

The expiry covered 31,000 Bitcoin contracts with a put-call ratio of 0.78, meaning call sellers slightly outnumbered put sellers. Max pain stood at $65,000, roughly $2,200 above spot prices, leaving most contracts expiring out of the money. Ether saw 138,000 contracts expire with a notional value of $230 million and a put-call ratio of 1.03, trading near $1,690 — below its $1,725 max pain level. Total open interest across all exchanges sits at $36 billion for Bitcoin and $6 billion for Ether, per Coinglass.

The expiry comes as institutional selling pressure weighs on prices. Spot Bitcoin ETF demand has cooled during the pullback, while Strategy's small Bitcoin sale earlier this month added to trader caution, though analysts attributed the broader decline to ETF outflows and whale selling. Laevitas noted that a "week of grinding calm" had weakened the front end of Bitcoin volatility, with seven-day at-the-money implied volatility falling from roughly 46% to 36%. Skew remains negative, signaling traders continue to prioritize downside protection.

Attention now shifts to the quarterly settlement on June 26, when roughly 15% of open options positions are set to expire. Open interest remains concentrated at the $80,000 strike on the call side and $60,000 on the put side, reflecting a market split between long-term upside bets and near-term hedging. If Bitcoin holds above $60,000, volatility may stay contained. A break below that level could accelerate selling as dealer hedging turns directional. For Ether, reclaiming $1,725 is the near-term test; failure to do so keeps pressure on the $1,650 to $1,600 range.

This article is for informational purposes only and does not constitute investment advice.