$4 billion worth of Ethereum options are set to expire on June 28, with the balance of forces centered around $3,500.
Ether's (ETH) recent consolidation around $3,500 has significantly diminished the markets’ expectation for a monthly options expiry above $4,000. Bulls were initially optimistic, fueled by the potential approval of a spot Ethereum exchange-traded fund (ETF) by regulators, which led to a 23% gain on May 20. However, since then, the price of Ether has failed to maintain levels above $3,600.
A total of $3.5 billion in monthly ETH options is scheduled to expire on June 28 at Deribit, the leading exchange, followed by $286 million at OKX, and $142 million at Binance. Nevertheless, as the United States Securities and Exchange Commission (SEC) continues to review the S-1 filings from ETF providers, the likelihood of bullish bets surpassing $4,000 remains low.
Ether bulls did not anticipate the delay between the regulatory approval of the spot ETF and its actual trading commencement, confirmed by SEC Chair Gary Gensler. The exact timing remains uncertain within the upcoming three months. Due to this lack of momentum, the optimistic bets for the June 28 options expiry are unlikely to yield returns.
