Deribit Settles $10 Billion June Quarterly Options Expiry
Deribit’s June quarterly options expiry reset crypto derivatives positioning with about $10.63 billion in total notional across Bitcoin and Ethereum. The batch listed roughly $9.06 billion in BTC options and $1.57 billion in ETH options. It also showed max pain near $70,000 for Bitcoin and $2,000 for Ethereum, both above spot levels around settlement, plus put-call ratios of 0.63 for BTC and 0.50 for ETH. The expiry mattered because large quarterly settlements can shift hedging, open interest, and implied volatility, especially during weak market conditions. Max pain is only a positioning reference, not a reliable price target. The main post-expiry focus is whether traders rebuild exposure at lower strikes, add downside protection, or return to upside bets. For now, the event looks like a major positioning reset rather than a clear directional signal.
