The crypto market is bracing for potential volatility as Bitcoin and Ethereum options worth approximately $3.7 billion are set to expire today.

Bitcoin accounts for $3.1 billion in notional value, while Ethereum options total $588 million. Traders are closely watching the expiry to see how it might impact price movements.

According to Deribit, 30,750 Bitcoin contracts are set to expire today, June 6. This is significantly lower than last week, when 92,459 contracts entered the market.

Expiring Bitcoin options. Source: Deribit

These contracts have a put-to-call ratio of 0.7, with the max pain point at $105,000.

A similar situation is seen in the Ethereum market: 240,054 contracts are set to expire today. These options have a put-to-call ratio of 0.63, with the max pain point at $2,575.

Expiring Ethereum options. Source: Deribit

In crypto options trading, traders often look at the put-to-call ratio to gauge overall market sentiment. For Bitcoin, this ratio is below 1, meaning there are more calls than puts — typically a sign of bullish sentiment. The same applies to Ethereum, where the put-to-call ratio is also below 1.

At the time of publication, Bitcoin was trading at $102,769 and Ethereum at $2,456. Both assets are below their respective max pain levels.

The max pain point is the price range that theoretically causes the most financial discomfort for option holders. Assets often tend to gravitate toward this level on the day of expiry, which explains the bullish expectations. Since prices remain below the strike levels, both bulls and bears could take a hit.

As the options begin to close, the market could experience turbulence, especially if the reaction is sharp. This doesn’t necessarily signal a trend change but could cause short-term swings in either direction.

“Calls dominate across the board. What are you expecting after the expiry?” said Deribit analysts.

Traders Don’t Believe in Bitcoin Short-Term, but Expect Growth by Fall

In other sectors of the market, participants remain cautious — many link this to the recent conflict between President Donald Trump and Elon Musk.

According to Greeks.live, most traders continue to view the Bitcoin market pessimistically and expect the correction to continue. The $105,000–$109,000 range is now seen as a strong resistance level, and many believe it won’t be broken anytime soon.

Amid this, volatility remains surprisingly low, making it a tough environment for options players. Many prefer selling short-dated calls expiring on June 7, particularly around the $108,000–$109,000 levels.

This strategy signals that traders do not expect Bitcoin to break through these levels in the short term. Some use this as a rolling tactic — renewing their bets weekly while keeping the same range.

At the same time, optimism remains for the longer term. Some traders are positioning for a rise to $150,000 in the fourth quarter. But first, the market is expected to go through a period of weakness or consolidation.

Greeks.live noted that traders are suggesting the use of a short call spread strategy for continuous portfolio rollovers. The bet is based on the assumption that Bitcoin could reach $150,000 by Q4.

Despite this outlook, many traders remain out of the market for now. Even with the temptation to enter, they are waiting for a deeper correction before going long.

In addition, Greeks.live reported the largest options trade in crypto market history, totaling $1.19 billion. The trade included 11,350 BTC and $7.5 million in premiums.

The deal is split into two parts:

• The first is a bullish spread aimed at early autumn, betting on price growth and a spike in volatility.

• The second involves selling calls near the current price with July expiry, indicating low short-term expectations.

For now, the market remains sluggish and tense ahead of today’s options expiry. However, some players are already positioning for a strong move closer to the fall. The size of the trade suggests July may remain calm, but belief in a Bitcoin rally by Q3 is growing stronger.