Options Exp(oil)rage: $10.8B in $BTC, $ETH, $XRP, $SOL Contracts Set to Expire as Markets Wobble 🤝

The crypto market is showing tentative recovery signs ahead of a massive quarterly options expiry involving Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) on June 26. Derivatives data tracker Deribit reports that over $10.8 billion in notional value across these four assets is set to expire today. BTC has climbed more than 2% above $60,000 in Asia trading hours after dipping to $58,000 lows, while nearly $35 million in short positions were liquidated over the previous 24 hours, signaling buy-the-dip activity following the recent crash.

Bitcoin options dominate the expiry event, with 151,000 BTC contracts set to settle at a notional value of $9.3 billion. The put/call ratio for these contracts stands at 0.63, a bullish indicator. However, traders are bracing for near-term volatility, as the 24-hour put volume has significantly outpaced the 24-hour call volume, pushing the short-term put/call ratio up to 1.24. Market participants are actively adjusting their positions by bidding up BTC implied volatility and the 25 delta skew, suggesting widespread hedging for downside protection alongside expectations of a post-expiry recovery phase.

Beyond Bitcoin, Ethereum options valued at $1.5 billion are also expiring, carrying a notably optimistic put/call ratio of 0.50. This ratio indicates strong bullish sentiment among ETH traders despite recent price pressure. XRP and SOL are similarly positioned to see over $1 billion combined in contracts settle, with both assets trading under pressure. Despite the downward price action, on-chain data suggests that large holders, often referred to as whales, are not anticipating further steep declines and are absorbing selling pressure.

As expiry approaches, derivatives traders and spot market participants are closely monitoring liquidity conditions to determine whether the market will sustain its early recovery or face renewed volatility. The convergence of options settlement, recent liquidations, and shifting volatility metrics marks one of the largest expiry events of the quarter for these major digital assets.