The cryptocurrency market is bracing for a significant event this Friday, June 28, as Bitcoin and Ethereum options worth billions of dollars are set to expire. This event has traders and investors on high alert, as it could potentially impact the prices of both cryptocurrencies. The options expiry comes at a time when both Bitcoin and Ethereum have approached their max pain points, a level where most options become worthless.

According to data from Deribit, a total of $6.6 billion in Bitcoin options and $3.5 billion in Ethereum options will expire on Friday. The put/call ratio for Bitcoin options is 0.47, indicating a bullish signal, while the put/call ratio for Ethereum options is 0.58. The max pain point for Bitcoin is currently at $57,000, while the max pain point for Ethereum is at $3,100. If the prices of both cryptocurrencies move towards their max pain points, it could result in significant losses for options holders.

The options expiry comes at a time of high volatility in the cryptocurrency market. Bitcoin has seen a 15% correction from its all-time high levels, while Ethereum has also experienced a significant decline. The launch of spot Ethereum ETFs next week is expected to bring some relief to the market, but the options expiry could still have a significant impact on prices. Traders and investors are keeping a close eye on the situation, as the outcome could determine the direction of the market in the coming days.

The max pain point is a level where most options become worthless, and the market moves in a direction that gravitates towards these levels. If the prices of Bitcoin and Ethereum move towards their max pain points, it could result in significant losses for options holders. However, if the prices move away from the max pain points, it could result in significant gains for options holders. The outcome is highly uncertain, and traders and investors are bracing for a potentially volatile week.

In conclusion, the Bitcoin and Ethereum options expiry on Friday, June 28, is a significant event that could potentially impact the prices of both cryptocurrencies. The max pain point is a level where most options become worthless, and the market moves in a direction that gravitates towards these levels. Traders and investors are keeping a close eye on the situation, as the outcome could determine the direction of the market in the coming days.