Crypto Events
By Maheen Hernandez
1 / 15
The cryptocurrency market just experienced a major inflection point as over $3.8 billion in Bitcoin and Ethereum options expired on June 6, 2025.
2 / 15
Bitcoin Dominates With $3.2 Billion in Expiring Options
3 / 15
Out of the total, Bitcoin [BTC] accounted for the lion’s share with $3.21 billion in expiring contracts. A total of 31,000 Bitcoin options were settled, with a put/call ratio of 0.
4 / 15
The open interest (OI) for Bitcoin options stood at an impressive $41.69 billion, showcasing heavy engagement from both institutional and retail investors.
5 / 15
Ethereum Sees Moderate But Notable Expiry Activity
6 / 15
Ethereum [ETH] options expiry involved over 241,000 contracts with a notional value of $624 million. The put/call ratio for ETH stood at 0.
7 / 15
While not as large as Bitcoin’s, the Ethereum expiry still carried significant implications.
8 / 15
Market Sentiment: Slow Recovery, Not a Breakout
9 / 15
Despite the large expiries and increased options activity, analysts have expressed cautious optimism.
10 / 15
One of those external shocks came from an unexpected source: a public spat between Elon Musk and Donald Trump.
11 / 15
Options vs. Futures: A Closer Look at Market Structure
12 / 15
Understanding the balance between options and futures is crucial in predicting market behavior post-expiry. For Bitcoin, the options open interest ratio stood at 58.
13 / 15
Ethereum’s options ratio, however, was much lower at 21.19%. This implies that ETH’s market action remains dominated by futures and perpetual contracts rather than options.
14 / 15
Historically, Bitcoin’s options OI ratio has hovered between 50% and 125%, indicating a mature and influential derivatives market.
15 / 15
Post-expiry market movements typically depend on where the majority of open interest was concentrated.
The Currency Analytics
Want the full story?