Could the Expiry of $3.8B in Cryptocurrency Options Affect Market Trend?

Approximately 30,700 Bitcoin options contracts, valued at around $3.2 billion, are set to expire on Friday, June 6. This event is predicted to have minimal impact on the spot markets, which have already experienced a $150 billion decline. The options contracts have a put/call ratio of 0.76, indicating a slight preponderance of long contracts.

The highest open interest is at the $115,000 strike price, with $1.7 billion, and an additional $1.6 billion at the $140,000 strike price, reflecting continued bullish confidence. Simultaneously, around 241,000 Ethereum contracts, with a notional value of $624 million, are also set to expire, bringing the total value of crypto options expiring to approximately $3.8 billion.

Despite recent losses, Bitcoin and Ethereum continue to maintain support levels in six figures and around $2,400 respectively.