On June 19, approximately 31,000 Bitcoin options and 138,000 Ethereum options expired, with a combined notional value of about $2.1 billion. The market then turned its attention to whether prices would experience more significant volatility after expiration.

Both Bitcoin and Ethereum fell below their respective maximum pain points for the day. Bitcoin was around $65,000, and Ethereum was around $1,725. Maximum pain points are generally considered to be the price levels where option holders experience the most concentrated overall losses.

The amount due is relatively large.

Of these expiring contracts, Bitcoin options are worth approximately $1.9 billion, and Ethereum options are worth approximately $230 million. When the expiring contracts are large, the market tends to focus more on short-term fluctuations and position adjustments.

Selling pressure and weak demand

The original text mentioned that institutional selling pressure and weak demand jointly suppressed price performance. Option expiration itself does not necessarily change the trend, but it amplifies traders' hedging and repositioning actions.

Next week is also the quarterly settlement period.

The market will now focus on next week's quarterly settlement. At that time, approximately 15% of open options positions will expire, potentially continuing to influence volatility and market direction.