BTC options data shows 25,600 contracts expiring at $70,500 support with $1.62B notional; ETH follows with 155,000 contracts at $2,000 amid sharp drop to $60,000.

Bitcoin retested the 75K strike, dropping toward 72.5K before major options expiry as options data signals positioning shifts and volatility expectations.

Bitcoin sees 21,000 options expire at $78,500 strike with $1.6B notional as one-and-a-half-month rally ends and IV falls below 35%.

According to Binance Research, the latest Weekly Commentary addresses key market factors, including volatile oil prices, changes in monetary policy outlook, capital flow shifts across asset classes, and significant upcoming options expiry. These dynamics are critical for traders as they assess market positioning and potential price movements.

According to @GreeksLive, 91,000 BTC options expired with a put call ratio of 0.48, max pain at 90000, and 7.6 billion notional, while 435,000 ETH options expired with a put call ratio of 0.68 and max pain at 3000. This @GreeksLive data indicates call-heavy positioning in both BTC and ETH and highlights pin risk near the stated max pain strikes into settlement, levels traders watch for short term direction and volatility.

According to CrypNuevo, record levels of Bitcoin options expired on Friday, removing the range-pinning effect and setting up a volatility expansion over the next few weeks, source: CrypNuevo on X, Dec 28 2025. He expects a downside liquidity run to occur first as BTC breaks from the recent range, with more volatile price action likely before any sustained trend, source: CrypNuevo on X, Dec 28 2025.

According to @CrypNuevo, a record-level options expiry is driving a record gamma flush today, making near-term BTC volatility highly likely and materially increasing trading range expansion risk. Source: @CrypNuevo on X, Dec 26, 2025. According to @CrypNuevo, the expiry-driven removal of gamma pinning means BTC can now break out or break down from the recent range, shifting the setup toward directional momentum rather than mean reversion. Source: @CrypNuevo on X, Dec 26, 2025. According to @CrypNuevo, he presents two specific trade triggers and highlights on-chain liquidation clusters to monitor for entries, stops, and targets in an 11-minute video. Source: @CrypNuevo on X, Dec 26, 2025 and YouTube youtu.be/JGsADClc17s.

According to @CoinMarketCap, today’s options expiry has market attention centered on the 82K and 95K price levels as key focus areas for near-term direction, source: @CoinMarketCap on X, Dec 26, 2025. @CoinMarketCap reports that most creators expect a move down first to grab liquidity, followed by a move higher, implying a short-term dip-then-rip bias into expiry, source: @CoinMarketCap on X, Dec 26, 2025. For trading, this suggests monitoring any sweep toward the 82K focus level and subsequent strength back toward the upper focus level near 95K to align with the majority view, while a direct move higher without a prior sweep would diverge from that consensus, source: @CoinMarketCap on X, Dec 26, 2025.

According to @glassnode, the options open interest put/call ratio has been rising over recent weeks, indicating a build-up in put positioning (source: @glassnode, Dec 12, 2025). According to @glassnode, even after the FOMC meeting, activity stayed skewed toward puts, signaling continued demand for downside protection (source: @glassnode). According to @glassnode, this morning’s expiry pushed the ratio lower as post-meeting hedges rolled off, reducing the put-heavy skew in open interest (source: @glassnode).

According to @GreeksLive, significant options expiries are scheduled for July 11, potentially influencing market volatility. For Bitcoin (BTC), 37,000 options with a notional value of $4.3 billion are set to expire. The data shows a Put Call Ratio of 1.05, suggesting slightly bearish sentiment, while the Maxpain point is at a high of $108,000. For Ethereum (ETH), 240,000 options with a notional value of $710 million will expire. The ETH options data indicates a Put Call Ratio of 1.11, also pointing to bearish sentiment, with a Maxpain point of $2,600. Traders should monitor these levels as prices often gravitate towards the Maxpain point upon expiration.

According to @GreeksLive, Bitcoin (BTC) is approaching a significant $14 billion options expiry on Deribit, which could heighten market volatility. The put-call ratio has climbed to 0.72, a level that typically signals bearish sentiment. However, the analysis suggests this rise is partly due to traders using "cash-secured puts" as a strategy to generate yield and accumulate BTC. Lin Chen of Deribit noted that nearly 20% of expiring call options are in-the-money, indicating many call buyers have profited this cycle. Crypto market maker Wintermute reports that recent market flows are neutral, with traders positioning for tight price action between $100,000 and $105,000 leading up to the expiry. The maximum pain price for this expiry is identified at $102,000, the level at which option buyers would incur the greatest losses.

According to @ai_9684xtpa, the Bitcoin (BTC) market is in a standoff between patient long-term holders and traders increasing leverage. On-chain data from Glassnode indicates that long-term holder supply has surged to 14.7 million BTC, with metrics like the Liveliness indicator showing older coins remain dormant, signaling a strong HODLing sentiment. Concurrently, QCP Capital reports rising leveraged long positions and persistent institutional demand, evidenced by $2.2 billion in net inflows to BTC spot ETFs last week. This fragile equilibrium is set against a major $14 billion BTC options expiry this Friday. Deribit's Lin Chen notes that the put-call ratio has risen to 0.72, but suggests this may not be purely bearish, as it is partly driven by 'cash-secured puts' used for yield generation and BTC accumulation. The max pain price for the expiry is cited at $102,000. Market maker Wintermute observes options flows indicating expectations for tight price action between $100,000 and $105,000 leading into the event. Adding to market dynamics, design firm Figma disclosed a $70 million holding in a Bitcoin ETF, and DeFi Development Corp. announced plans to raise $100 million for potential further accumulation of Solana (SOL).

According to @MI_Algos, Bitcoin (BTC) is approaching a significant $14 billion options expiry this Friday, marked by a rising put-call ratio of 0.72. However, this may not be a straightforward bearish signal. Lin Chen of Deribit clarifies that the increase is partly driven by traders using "cash-secured puts" as a strategy for yield generation and BTC accumulation. The max pain price for this expiry is noted at $102,000. Market maker Wintermute observes neutral market flows, with traders positioning for a tight price range between $100,000 and $105,000 leading into the event. Adding another layer to the analysis, analytics firm Santiment reports that retail investor sentiment has plummeted to its lowest level since early April, a condition they suggest could be a contrarian indicator for a price rebound, as seen in previous cycles. From a technical standpoint, BTC has established support between $103,000 and $103,500 while facing resistance near $106,000.

According to @rovercrc, Bitcoin (BTC) has been confined within a tight 10% trading range, approximately between $101,000 and $111,000, for 40 consecutive days. This prolonged period of consolidation has pushed 30-day realized volatility below 30%, indicating trader restlessness. A significant event for traders is the upcoming quarterly options expiry, which is one of the largest of the year. Jean-David Péquignot of Deribit highlights that with $40 billion in total BTC options open interest, 38% of these contracts will expire this Friday. The max pain price for this event is identified at $102,000, with a put/call ratio of 0.73. Péquignot also notes that the $105,000 level is pivotal for BTC's price, and the current low implied volatility suggests limited expectations for sharp price moves leading into the expiry. The lack of a breakout in Bitcoin has negatively impacted the broader altcoin market, with a major index of the top 20 digital assets trailing BTC by about 5% over the past month.

According to @ai_9684xtpa, a trader on the decentralized exchange HyperLiquid, known as AguilaTrades, turned a $10 million unrealized profit into a $2.5 million loss on a leveraged Bitcoin (BTC) long position. This occurred as BTC's price fell 4% from a high of $108,800, highlighting the risks of leveraged trading in a range-bound market, as the source notes BTC has been fluctuating between $100,000 support and $110,000 resistance since May. Looking ahead, a significant quarterly options expiry approaches with a reported 'max pain' price of $102,000 for BTC. The source identifies the $105,000 level as a pivotal point for Bitcoin's price. Despite the recent volatility, implied volatility has decreased, and put-call skews show no clear directional bias, suggesting traders anticipate limited sharp price movements before the expiry.

According to Francisco Rodrigues, Bitcoin rose to near $107,000, gaining 1.7% in 24 hours, as a U.S.-brokered ceasefire between Iran and Israel eased oil supply fears and lifted global risk assets. Susannah Streeter, head of money markets at Hargreaves Lansdown, cited a leaked U.S. Intelligence report expressing doubts about the truce holding, potentially resuming military action. Federal Reserve Chair Jerome Powell emphasized patience on rate cuts due to elevated inflation, with Bitunix analysts noting this creates short-term uncertainty but supports risk assets. Derivatives data from Wintermute's Jake O shows neutral positioning for the June expiry, with range-bound trading expected between $100,000 and $105,000, while call options indicate modest bullish sentiment for July and September.

According to Francisco Rodrigues, bitcoin (BTC) rose to near $107,000, gaining 1.7% in 24 hours, as a U.S.-brokered ceasefire between Iran and Israel eased oil supply fears and boosted risk assets globally. Susannah Streeter of Hargreaves Lansdown cautioned that doubts over the truce's stability could renew market volatility. Federal Reserve Chair Jerome Powell emphasized a patient approach to rate cuts due to persistent inflation and tariff risks, which Bitunix analysts noted supports risk assets like crypto but requires monitoring of upcoming inflation data. Derivatives traders, including Jake O from Wintermute, expect BTC to range between $100,000 and $105,000 ahead of the June expiry, with bullish call options targeting $108,000 and $112,000.

According to Francisco Rodrigues, bitcoin (BTC) approached $107,000 amid a U.S.-brokered ceasefire between Iran and Israel, which lifted risk assets by easing oil supply fears. Susannah Streeter from Hargreaves Lansdown highlighted doubts about the truce holding, potentially renewing market volatility. Federal Reserve Chair Jerome Powell's testimony emphasized patience on interest rate cuts due to elevated inflation, with Bitunix analysts noting this supports risk assets but advises traders to monitor tariff impacts and inflation data. Jake O from Wintermute reported derivatives positioning indicates tight price action around $100,000-$105,000 for BTC, with modest bullish signals from call options targeting $108,000-$112,000. Traders should focus on Powell's upcoming Senate testimony and key economic releases like durable goods and GDP data for market direction.

According to Francisco Rodrigues, Bitcoin (BTC) neared $107,000 with a 1.7% gain as a U.S.-brokered ceasefire between Iran and Israel boosted risk assets, lifting the broader crypto market. However, Susannah Streeter of Hargreaves Lansdown noted doubts about the truce holding due to a leaked U.S. intelligence report on Iran's nuclear capabilities, potentially renewing geopolitical risks. Federal Reserve Chair Jerome Powell emphasized patience on interest-rate cuts, citing elevated inflation and tariff pressures, which Bitunix analysts stated creates short-term policy uncertainty but supports risk assets. Traders are monitoring Powell's Senate testimony and upcoming economic data, with derivatives positioning indicating a neutral range between $100,000 and $105,000 for BTC ahead of the June expiry, as per Jake O from Wintermute.

According to Francisco Rodrigues, bitcoin (BTC) surged near $107,000 amid a U.S.-brokered ceasefire between Iran and Israel, lifting risk assets. Susannah Streeter of Hargreaves Lansdown warned that doubts about the ceasefire holding could limit gains. Federal Reserve Chair Jerome Powell emphasized patience on rate cuts, which Bitunix analysts stated supports risk assets but adds uncertainty ahead of key inflation data. Traders are monitoring Powell's Senate testimony and derivatives activity, with Wintermute's Jake O noting neutral positioning near $105,000.