Odaily, citing CoinDesk, reported that data from market platform Deribit shows a notable imbalance in Bitcoin options as the asset continued to decline through June. Around $8.6 billion in notional BTC options are currently out of the money and face the risk of expiring worthless. The figures place options positioning at the center of short-term market behavior as the June 26 quarterly expiry approaches.
According to the data, roughly $10.6 billion in Bitcoin options open interest is set to expire on June 26. Only about 20% of that amount is currently in the money, while the remaining 80% is in a loss-making position. If out-of-the-money contracts do not move into profitable exercise territory before expiry, their value will fall to zero, making the scale of the current imbalance significant for traders managing exposure.
The analysis cited in the report said this structure may lead market makers and traders to make concentrated hedging adjustments before expiry, a process that can amplify short-term volatility. As exercise, closing, and risk-management activity cluster around the expiry date, price moves near major strike levels can have a greater effect on the status of outstanding positions.
The current max pain level is around $74,000, about 14% above Bitcoin’s current price of roughly $65,000. In theory, the max pain price is the level at which the largest number of options contracts expire worthless, and it can create upward pull as expiry nears. However, the report also noted that the effectiveness of this mechanism in crypto markets remains debated.
The put and call structure is relatively close, with the Put/Call ratio at about 0.87, indicating a more divided market tone. Around $450 million in positions are concentrated in the $60,000 put options, while the $80,000 call options form another key level with about $406 million in positions. As the quarterly expiry approaches, concentrated exercise and hedging adjustments are viewed as important drivers of short-term price swings, leaving Bitcoin in a more volatile window for directional movement.