Bitcoin is heading into one of the biggest options expiries of 2026, and traders are closely watching the market as prices remain under pressure.
On June 26, around 153,500 Bitcoin options contracts worth approximately $9.3 billion are set to expire. Because the expiry falls at both the end of the month and the end of the quarter, it is much larger than a typical weekly options settlement and could lead to increased market volatility.
At the time of writing, Bitcoin was trading around $59,648 after briefly falling to an intraday low near $58,189.
One of the most important numbers traders are watching is Bitcoin’s “max pain” level, which currently sits near $72,000. Max pain refers to the price where the largest number of options contracts would expire worthless.
With Bitcoin trading far below that level, many bullish call options are already out of the money. While this does not automatically mean prices will move higher, it shows how much market sentiment has shifted since many of those positions were opened.
According to Deribit, recent quarterly expiries have not consistently pushed prices toward the max pain level before settlement. Still, the large gap between Bitcoin’s current price and the $72,000 mark highlights the weakness in the market.
Traders are also becoming increasingly cautious.
The current put-to-call ratio is around 0.73, meaning call options still outnumber puts. However, demand for downside protection has been growing as traders prepare for the possibility of further losses.
Market analytics firm GreeksLive noted that put options are now trading at a premium compared to call options across several short-term expiries. This suggests investors are willing to pay more to protect themselves against additional downside risk.
Open interest in Bitcoin options has also climbed to nearly $34 billion across exchanges. Data shows heavy interest around the $80,000 strike price, while the $60,000 level remains a major support area that traders are closely monitoring.
Ethereum is also facing a significant options expiry.
Around one million ETH options contracts worth approximately $1.6 billion are set to expire alongside Bitcoin’s contracts. Ethereum’s max pain level is near $2,000, but ETH has been trading much lower, around $1,544 after briefly dropping to $1,515 earlier in the day.
Like Bitcoin, Ethereum is trading far below its max pain level, leaving many bullish positions without value as expiry approaches.
Together, the Bitcoin and Ethereum expiries are worth nearly $11 billion, making this one of the largest crypto derivatives events of the year.
The expiry comes during a period of broader market weakness. Bitcoin recently dropped about 4% before recovering toward the $60,000 level, while Ethereum fell more than 5% and briefly touched some of its lowest levels of 2026.
Although options expiry alone does not determine where prices will go next, the combination of weak spot prices, large expiring positions, and growing demand for downside protection could keep volatility elevated throughout the weekend.
For now, traders are focused on a few key levels.
Bitcoin needs to hold the $58,000 to $60,000 range to prevent further selling pressure from building. Ethereum, meanwhile, needs to move back above $1,600 if it wants to avoid another test of the $1,500 support zone.
With billions of dollars in contracts expiring and market sentiment remaining cautious, the next few days could be important for both Bitcoin and Ethereum.
