On June 19, approximately $2.13 billion worth of Bitcoin and Ethereum options expired. At expiration, both BTC and ETH were below their respective maximum support levels, indicating continued cautious short-term sentiment. With the quarterly settlement approaching on June 26, the derivatives market is beginning to reassess its support levels.

The size and price of this maturity

Of the options expiring this time, the notional value of Bitcoin options is approximately $1.9 billion, involving about 31,000 contracts, with a put/call ratio of 0.78 and a maximum stop-loss level of $65,000. The notional value of Ethereum options is approximately $230 million, involving about 138,000 contracts, with a put/call ratio of 1.03 and a maximum stop-loss level of $1,725.

At expiration, Bitcoin was trading around $62,500 and Ethereum around $1,690, both below their respective pain point levels. This means that many long contracts failed to return to a more favorable position for buyers.

$60,000 to $63,000 remains the focus.

Bitcoin rebounded to around $67,000 earlier this week, but momentum subsequently weakened, and the price fell back below $63,000 before expiry. The market is therefore continuing to focus on the $60,000 to $63,000 range.

GreeksLive believes that the $60,000 strike price remains one of the most critical levels. The firm states that if prices continue to fall below this level, market makers' hedging could increase downward pressure, thereby amplifying short-term volatility.

ETF funds and large sell orders dampened market sentiment.

Besides options-related factors, the slowdown in inflows into spot Bitcoin ETFs has also weakened market absorption capacity. Since its launch, spot ETFs have been a significant source of institutional demand, but this buying activity has cooled somewhat during the recent pullback.

Meanwhile, the market is also absorbing other selling pressure. The report mentioned that a small-scale Bitcoin sale by Strategy had previously raised concerns among some traders, but analysts believe that ETF outflows and whale selling had a greater impact on this round of declines.

Amid weakening liquidity and falling prices, traders are positioning themselves more towards downside protection rather than chasing upside strike prices.

Next week's quarterly settlement will be of greater interest.

While this week's expiring volume is lower than last week's, next week will see the quarterly settlement. Approximately 15% of option positions are scheduled to expire on June 26, a date that is becoming the next key focus for the derivatives market.

Currently, there are still significant open bullish positions around $80,000, while downside protection is concentrated around $60,000. This reflects that the market is maintaining medium- to long-term upside bets while simultaneously preparing for a short-term pullback.

Laevitas noted that recent market volatility has eased, leading to a weakening of near-term implied volatility for Bitcoin. However, option skew remains negative, indicating that traders are still more concerned about downside risks than upside opportunities.

For Ethereum, the area around $1700 remains a key short-term zone. If ETH cannot regain $1725, its price pressure may continue to target the $1650 to $1600 range.