Today's Bitcoin Fluctuations: The Response of Cryptocurrency Markets to the Expiration of $3B BTC Options

Approximately 27,300 Bitcoin options contracts, valued at nearly $3 billion, are set to expire on July 4. However, this event is anticipated to have minimal impact on spot markets compared to last week's end of month and quarter events. The contracts show an even distribution between long and short positions, with a max pain point of $106,000 -- $3,000 less than the current spot price.

The highest number of unexpired contracts are at the $115,000, $120,000, and $140,000 strike prices, each exceeding $1.5 billion. Additionally, about 220,000 Ethereum contracts, worth $584 million, will also expire, bringing the total crypto options expiry value to $3.6 billion. Bitcoin currently trades above $109,000, and Ethereum hovers below $2,600, with both cryptocurrencies indicating a bullish outlook.