Crypto News Today : Friday’s Bitcoin, Ethereum

The second quarter of 2025 has been kind to Bitcoin. Since April 1, the market leader has climbed 30.2 %, buoyed by a 14.2 % gain in April, an 11.1 % jump in May, and a further 2.6 % rise so far in June. The rally carried price from $104,544 at the start of the month to about $107,370 today, briefly tagging new cycle highs near $107 K.

Period Price Change

April 2025 +14.2 %

May 2025 +11.1 %

June-to-date +2.6 %

Q2-to-date +30.2 %

Crypto Market Today 

Spot price drifts into Thursday night. A slow slide toward $102 K would hint that option sellers are steering the market.

Liquidity at $105 K. A gap in buy orders below that level raises the odds of a swift downdraft.

Post-expiry snap-back. Once $15 B in hedges disappear, a sudden volatility spike up or down is common.

Friday’s $15 B Options Expiry

According to Deribit’s Chief Commercial Officer Jean-David Pequignot, one of the year’s biggest expiries hits the tape this Friday. Roughly $15.2 B in BTC options 38 % of the entire $40 B open interest, will settle at once.

The “max-pain” level, where the highest number of contracts expire worthless, sits at $102,000. Prices often drift toward this magnet because market makers who sell options profit most if Bitcoin lands there at expiry.

Sentiment and Volatility Tell a Mixed Story

Options data still leans cautiously bullish:

Put/Call ratio: 0.73, meaning there are 73 puts for every 100 calls—more calls signal an upside tilt.

Implied volatility: down sharply from 50 % to 38 %, suggesting traders expect smaller price swings in the near term.

Yet those expectations can change quickly when billions in contracts roll off.

$105 K: The Line in the Sand

Technical traders are laser-focused on $105,000. It has acted as first-line support throughout June:

Hold above $105 K: Bulls retain control; a post-expiry relief rally toward $110 K or higher stays on the table.

Break below $105 K: Sentiment could flip in a hurry, with price gravitating toward the $102 K max-pain zone and triggering a cascade of stop-loss orders.

Bottom Line

Bitcoin’s 30 % quarter has impressed even hardened bulls, but the real test comes with Friday’s mega-expiry. Stay alert, whether BTC defends $105 K or succumbs to max-pain gravity will likely set the tone for the rest of the summer.