$13B Bitcoin options expiry looms: Will bulls endure more pain in June?
About $13 billion in Bitcoin options open interest is set to expire on June 26, with Deribit controlling most of it. BTC has fallen 14% in June, leaving many bulls trapped in call options that were concentrated at $68,000 and above. On Deribit, $6 billion in calls are open, but 78% are positioned at $72,000 or higher, while only 28% of the $4.5 billion in puts are tied to $57,000 or lower. That skew gives bears the stronger hand into expiry. Bullish positioning was supported earlier by Strategy’s heavy BTC accumulation and hopes for favorable U.S. regulation, but sentiment weakened as spot Bitcoin ETF outflows began in mid-May and those policy hopes faded. Even a 12% rebound from around $63,000 would not be enough to make calls dominant at expiry. The options setup is likely to pressure sentiment into July, though it does not guarantee lasting bear control.
