The cryptocurrency market is bracing for the Bitcoin options expiry event, set to occur today, June 14th. With over $2 billion in notional value derivatives expiring, market participants are eagerly watching to see if this event will spark significant price movements. However, today's expiry event is smaller compared to previous weeks, suggesting a potentially muted market impact.

According to data from Deribit, the put/call ratio for today's BTC contracts stands at 0.49, indicating that twice as many long (call) contracts are expiring as shorts (puts). The max pain point is $68,500, slightly higher than current spot prices. This level is where most losses will be realized. Despite the expiry event, the bulls remain dominant in BTC derivatives, with almost $1 billion in open interest at the $100,000 strike price.

In addition to Bitcoin, 200,000 Ethereum options are also set to expire, with a put/call ratio of 0.36 and a max pain point of $3,600. The notional value of these expiring contracts is $710 million. Short-term implied volatility for both Bitcoin and Ethereum has fallen below 50% and 60%, respectively. However, upcoming Ethereum ETF news later this month could impact market sentiment and volatility.

The crypto market has been relatively quiet, with total market capitalization remaining at $2.57 trillion over the past 24 hours. However, markets have retreated by 7.5% over the past ten days, with Bitcoin falling from $69,500 to $67,000 and Ethereum experiencing a 7.7% decline to a four-week low of $3,434.

Analysts attribute the decline to Bitcoin miner profit-taking, while chart guru Peter Brandt highlights key levels of support should markets fall further. With the expiry event and market dynamics at play, investors are advised to exercise caution and conduct thorough research before making investment decisions.