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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 27, 2025 08:06 UTC
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Crypto News Today : Friday’s Bitcoin, Ethereum Options Expiry Could Trigger a Volatility Storm
Bitcoin gains 30% in Q2 2025, but all eyes are on Friday’s $15.2B options expiry with $102K max-pain level possibly steering short-term moves.
BTC must hold $105K support or risk a drop to $102K; post-expiry volatility could trigger a rally to $110K—or a sharp correction.
The second quarter of 2025 has been kind to Bitcoin. Since April 1, the market leader has climbed 30.2 %, buoyed by a 14.2 % gain in April, an 11.1 % jump in May, and a further 2.6 % rise so far in June. The rally carried price from $104,544 at the start of the month to about $107,370 today, briefly tagging new cycle highs near $107 K.
| Period | Price Change |
| April 2025 | +14.2 % |
| May 2025 | +11.1 % |
| June-to-date | +2.6 % |
| Q2-to-date | +30.2 % |
Crypto Market Today
- Spot price drifts into Thursday night. A slow slide toward $102 K would hint that option sellers are steering the market.
- Liquidity at $105 K. A gap in buy orders below that level raises the odds of a swift downdraft.
- Post-expiry snap-back. Once $15 B in hedges disappear, a sudden volatility spike up or down is common.
Friday’s $15 B Options Expiry
According to Deribit’s Chief Commercial Officer Jean-David Pequignot, one of the year’s biggest expiries hits the tape this Friday. Roughly $15.2 B in BTC options 38 % of the entire $40 B open interest, will settle at once.
The “max-pain” level, where the highest number of contracts expire worthless, sits at $102,000. Prices often drift toward this magnet because market makers who sell options profit most if Bitcoin lands there at expiry.
Sentiment and Volatility Tell a Mixed Story
Options data still leans cautiously bullish:
- Put/Call ratio: 0.73, meaning there are 73 puts for every 100 calls—more calls signal an upside tilt.
- Implied volatility: down sharply from 50 % to 38 %, suggesting traders expect smaller price swings in the near term.
Yet those expectations can change quickly when billions in contracts roll off.
$105 K: The Line in the Sand
Technical traders are laser-focused on $105,000. It has acted as first-line support throughout June:
- Hold above $105 K: Bulls retain control; a post-expiry relief rally toward $110 K or higher stays on the table.
- Break below $105 K: Sentiment could flip in a hurry, with price gravitating toward the $102 K max-pain zone and triggering a cascade of stop-loss orders.
Bottom Line
Bitcoin’s 30 % quarter has impressed even hardened bulls, but the real test comes with Friday’s mega-expiry. Stay alert, whether BTC defends $105K or succumbs to max-pain gravity will likely set the tone for the rest of the summer.
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FAQs
A Bitcoin options expiry is the date when options contracts (the right to buy or sell Bitcoin at a set price) terminate. It matters because large expiries often trigger increased volatility as traders close positions and prices can be “pinned” to the max-pain level, where most contracts expire worthless.
Market makers aim to minimize their losses from options contracts they’ve sold. They achieve this by strategically buying or selling Bitcoin to steer its price towards the “max-pain” level at expiry, where their net payout from options is lowest.
Upcoming expiries, especially large ones like Friday’s $15.2 billion event, could cause significant short-term price swings. The unwinding of hedges and market makers’ actions around “max-pain” points are likely to dictate periods of heightened volatility throughout the summer.
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