How Bitcoin Options Expiry Affects Bitcoin Price

On June 27, over $17 billion in BTC and ETH options expire, with Bitcoin's maximum pain point at $102,000.

The maximum pain theory suggests that prices tend to minimize the level of expenditure for option holders during large expirations.

External factors such as Federal Reserve policies and geopolitical risks may override the expiration effect, thereby diminishing the market impact of Max Pain.

On June 27, 2025, the cryptocurrency market witnessed a highly anticipated event: According to Deribit, options contracts worth over $17 billion in Bitcoin (BTC) and Ethereum (ETH) expire today, marking the largest options expiry of the year so far.

Among them, Bitcoin options dominate, with a notional value of $15 billion, a put/call ratio of 0.74, and a maximum pain point of $102,000.