币界网报道：Deribit, a leading derivatives exchange, reached over $40 billion in Bitcoin options open interest ahead of the largest quarterly expiry of 2025, accounting for nearly 90% of the total $45 billion OI across all platforms. On June 27, 139,000 BTC options contracts (worth ~$15 billion) expired, with a put-call ratio of 0.75 indicating bullish sentiment and a max-pain point at $102,000. Simultaneously, 939,000 ETH options ($2.29 billion) expired, showing a 0.52 put-call ratio and max pain near $2,200. Post-expiry, Bitcoin held steady at $106,800 while Ether dropped 2% to $2,440. BRN's Timothy Misir noted Bitcoin's implied volatility below 35% contrasted with Ether's near 65%, reflecting divergent risk perceptions. Altcoins followed Ether's decline, though analysts suggest the movement may signal accumulation rather than bearish sentiment, with Bitcoin's stability highlighting underlying strength.