$13B Bitcoin options expiry looms: Will bulls endure more pain in June?
SkimNews Take
Put dominance across every price scenario — not just spot — suggests hedging demand is structural rather than reactive, meaning even a significant rally would leave dealers positioned to amplify selling pressure rather than absorb it.
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- Bitcoin options worth $13 billion in open interest are set to expire on June 26, with puts holding net advantages of $1B to $3.4B across every Deribit price scenario between $57,000 and $71,000, leaving bulls exposed.
- Deribit dominates the options market with $10.4 billion in open interest (79% market share), followed by OKX at 6%, Binance and CME at 5% each, and Bybit at 4%.
- Call options are heavily stacked above $72,000 — 78% of the $6 billion in call open interest sits at that level or higher, meaning most bullish bets are already out of the money after Bitcoin's 14% June drop to roughly $63,000.
- Strategy added 62,841 BTC in four weeks during April and May, pushing prices above $73,000, but then sold 32 BTC as US-listed spot Bitcoin ETF outflows kicked off in mid-May, souring sentiment.
- The Digital Asset PARITY Act, which would have spared mining and staking rewards from taxes until sold, saw hopes for quick passage fade, removing a potential bullish catalyst.
- Even a 12% rally from the current $63,000 level would not flip the June 26 expiry in favor of calls, according to Deribit positioning analysis.
Why it matters: At every Deribit price scenario between $57,000 and $71,000 on June 26, puts win by $1B to $3.4B, and even a 12% rally from $63,000 won't flip the outcome for call holders. The lopsided positioning turns the options expiry itself into a bearish overhang on BTC sentiment heading into July — bulls are structurally outgunned for this monthly settlement.
