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25,600 BTC and 155,000 ETH options expire June 5 as traders turn defensive

25,600 BTC and 155,000 ETH options expire June 5 as traders turn defensive

As $1.62 billion in Bitcoin options and $270 million in Ether options expired below max pain levels, crypto markets also saw $1.22 billion in 24-hour liquidations, with renewed evening weakness pressuring leveraged longs.

BTC
ETH

Fact Check
All specific figures in the claim are verified against the originating Greeks.live X post by Adam (@BTC__options): 25,600 BTC options at $1.62B notional and 155,000 ETH options at $270M notional, both expiring below max pain levels ($70,500 BTC, $2,000 ETH). The CoinDesk article independently confirms the Deribit data point of approximately $1.2 billion in $60,000 BTC put open interest near key support, attributed to Deribit's CCO. Multiple independent Chinese crypto news outlets (BlockBeats, Odaily) republished the same Greeks.live figures, providing strong corroboration.
Summary

A large crypto derivatives event on June 5 coincided with a broader market selloff, as Greeks.live said 25,600 BTC options worth $1.62 billion and 155,000 ETH options worth $270 million expired with both assets trading below their max pain levels of $70,500 for Bitcoin and $2,000 for Ether. The contracts carried put-call ratios of 0.56 for Bitcoin and 0.92 for Ether, while Deribit data showed about $1.2 billion in notional $60,000 Bitcoin put options remained open near a closely watched support area. At the same time, crypto liquidations reached $1.22 billion over 24 hours, including more than $500 million in one hour, with about 255,000 traders liquidated and long positions accounting for $944 million of the total. In evening trading, Hyperinsight said losses persisted, with Bitcoin falling below $62,000 again and Ether dropping to $1,655. Ether also moved close to “Machi”’s long liquidation line of $1,641.87, prompting another position reduction that left the long valued at $2.15 million as of publication.

Terms & Concepts
  • put-call ratio: A measure comparing put option interest with call option interest to gauge market positioning.
  • max pain: The price level where the largest share of options would expire worthless.
  • liquidations: Forced closure of leveraged trading positions when margin requirements are no longer met.