On Friday, June 20th, the crypto market witnessed a major derivatives event. Over $4.1 billion in BTC and ETH options expired in a single session, triggering a shift in the current market structure and unlocking new volatility windows for traders and institutions alike.
This expiration may feel invisible to retail, but for professionals, it is a reset point that often marks the beginning of a new trend or the acceleration of an existing one.
What expired?
- Bitcoin (BTC): Approx. $3.5 billion in options
- Ethereum (ETH): Around $565 million
- Expiration time: 08:00 UTC
- Max Pain levels:
- BTC: ~$105,000
- ETH: ~$2,600
These “max pain” levels represent the price where the highest number of option holders lose money. The fact that BTC closed well below that point gave the edge to option sellers and created stress for leveraged long positions.
What happens after expiration?
When options expire, large players typically:
- Close out positions
- Rebuild directional bets
- Reposition based on post-event volatility
This leads to what’s known as a “volatility reset” a brief cooling period before the market either consolidates or breaks sharply in a new direction.
With BTC currently trading near $102,500, the market is in a technical no-man’s land just below key resistance and just above critical liquidation zones.
What does the Coinglass data tell us?
The liquidation map shows two key pressure zones:
Below current price:
- Massive long liquidations stack between $101,200 and $99,800
- This creates a magnet-like effect where price may flush to clear out leveraged longs
- Heavy accumulation zones appear near $99,000–$97,000, where institutions tend to re-enter
Above current price:
- Short sellers face forced closure if BTC breaks $104,600
- A clean breakout above this level could trigger a short squeeze with targets up to $107,000 or more
Tactical playbook based on current structure
| Price Zone | Strategic Response |
|---|---|
| $99,800 – $100,400 | Defensive long entry with tight risk control |
| $104,600 – $106,500 | Potential short squeeze trigger zone |
| Below $98,800 | Wait for absorption before entering |
| Above $107,000 | Continuation of bullish trend toward previous highs |
What does this mean for traders and holders?
- The expiration has cleared the board of stale contracts
- Institutions now have room to rebuild exposure
- Weekend trading is thin, meaning sharp price moves are more likely
If BTC drops below $100k, it could be an engineered move to liquidate longs before a rebound. If BTC holds above $102k and reclaims $104.6k, it could ignite a new leg upward before the end of June.
Final insight
Every quarterly expiration brings a new power shift. The past week belonged to the option sellers. The week ahead? It belongs to whoever positions next with clarity.
The smart money is not asking what happened.
It’s already betting on what comes after.
