Bitcoin June Decline Leaves $8.6 Billion in Options at Risk of Expiring Worthless

Bitcoin’s 11% decline in June has left a large portion of the options market under pressure ahead of the June 26 expiry. More than $10.6 billion in bitcoin options contracts are set to expire, making it one of the most closely watched events for traders this month.

Current market data shows that around $8.6 billion, or roughly 80% of total open interest, is out of the money. This means those contracts would expire worthless if current price levels remain unchanged. Only about 20% of open interest is currently in the money.

Market Imbalance Could Increase Volatility

Options allow traders to bet on future price movements through call and put contracts. With such a large imbalance between profitable and unprofitable positions, analysts expect increased volatility as traders and market makers adjust their exposure before expiry.

Max Pain Level and Key Price Zones

The max pain price for the June 26 expiry currently stands at $74,000, around 14% above bitcoin’s spot price near $65,000. Some traders believe prices may move toward that level as expiry approaches, although the theory remains debated in crypto markets.

Important Support and Resistance Levels

The put to call ratio stands at 0.87, reflecting 87,156 call contracts compared with 76,241 put contracts. Open interest is heavily concentrated around two major strike prices. The $60,000 put level represents roughly $450 million in exposure and is viewed as an important support zone. Meanwhile, the $80,000 call strike holds about $406 million in open interest, making it a key resistance level for any potential recovery in the weeks ahead.