Bitcoin: $9B Options Expire at $70K Maxpain

Bitcoin saw 150000 options contracts expire June 26 carrying $9 billion notional value and a 0.63 put-call ratio while maxpain sat at $70000. ETH recorded one million expirations worth $1.57 billion at a 0.5 put-call ratio and $2000 maxpain.

MicroStrategy and ETF selling flipped the largest prior buyers into active sellers this month, accelerating the shift from bull to bear conditions. Quarterly settlement volumes reached only 70 percent of normal levels, leaving the market notably subdued.

Price action tested the 60K psychological level twice in June after a mid-month spike to 67K. Over 30 percent of remaining options cluster around the 60K GEX zone for BTC and the 1500-1550 zone for ETH, releasing margin that could compress implied volatility once stabilization occurs.

Current price sits at $59729.6 inside a bearish structure defined by the EMA50 at $62447.12 and EMA200 at $67299.96. The MACD death cross at -965.3 confirms trend weakness while RSI at 37.25 shows neutral momentum. Price remains trapped inside the Bollinger band with upper resistance at $63913.1 and lower support at $58637.62. With price testing lower band support while negative skew intensifies on bulk put demand, a sustained move below 60K appears probable before any relief rally toward the 50-EMA resistance.