$13 Billion Bitcoin Options Expiry Raises Risk of More BTC Price Pressure

Bitcoin traders are closely watching the upcoming June 26 options expiry, with nearly $13 billion in Bitcoin options contracts set to expire. Market data currently shows bears holding a strong advantage as Bitcoin continues struggling after falling around 14% during June.

Most bullish traders were expecting Bitcoin to remain above the $68,000 level, but the recent decline toward the $63,000 range has left many call options under pressure. Analysts now believe the expiry could increase short-term volatility and possibly extend bearish momentum into July.

Deribit remains the largest Bitcoin options exchange, controlling nearly 79% of the market with around $10.4 billion in open interest. OKX follows with 6%, while Binance and CME each hold roughly 5%. Bybit controls about 4% of the market.

Bitcoin Call Options Above $72K Under Pressure

Current positioning shows Bitcoin bulls facing a difficult situation. Deribit data reveals total call option open interest stands near $6 billion, but almost 78% of those positions are placed at $72,000 or higher.

At the same time, put options worth roughly $4.5 billion remain heavily active. Only a smaller portion of bearish positions depend on Bitcoin falling below $57,000, giving sellers a stronger position ahead of expiry.

Market sentiment also weakened after US spot Bitcoin ETFs recorded outflows in mid-May. Earlier optimism had been supported by Strategy’s aggressive Bitcoin buying campaign, which added more than 62,800 BTC over four weeks and helped push prices above $73,000 in May.

Bitcoin Price Scenarios Ahead of June 26 Expiry

Several possible expiry outcomes currently favor bearish traders. If Bitcoin remains between $57,000 and $61,000, put options could gain an advantage of roughly $3.4 billion. Even if Bitcoin rises toward $69,000 or $71,000, bearish contracts would still maintain an estimated $1 billion lead.

Investors were also disappointed after hopes faded for fast approval of the Digital Asset PARITY Act in the United States, a proposal that would have delayed taxes on mining and staking rewards until assets were sold.

Although the June expiry does not guarantee continued declines in July, analysts believe the event could keep pressure on market sentiment in the short term as traders remain cautious about Bitcoin’s next move.