Record Open Interest in Options, Puts Take the Lead
According to the latest data, Bitcoin options open interest has closed in on $34.5 billion, setting a new all-time high. Within this total, put options positions have surged dramatically, pushing the market into a pronounced bearish structure—the put/call ratio has climbed sharply, reflecting investors' strong willingness to hedge downside risk. Deribit, the world's largest Bitcoin options exchange, continues to dominate market share; meanwhile, institutional clients at the Chicago Mercantile Exchange (CME) have been steadily increasing their put positions, further amplifying the bearish sentiment. Such a one-sided put-heavy positioning is typically interpreted as a pessimistic outlook for short-term price action.
Spot Price Under Pressure, Correction Approaches 50%
At press time, Bitcoin's spot price is hovering around $63,000, nearly 50% below its 2025 all-time high. This deep correction aligns with the bearish structure in the options market. The upcoming June 26 quarterly expiration is drawing significant attention—a large volume of option contracts will settle simultaneously, potentially triggering violent price swings. The key battleground is whether bulls can defend the $60,000 psychological level. Historically, gamma squeezes around quarterly expirations have caused impulsive shocks to spot prices, and the current extremely high put-to-call ratio makes short squeezes or gamma ramps a non-negligible possibility.
ETF Outflows and Institutional Hedging Add to Downward Pressure
Beyond the options market itself, U.S. spot Bitcoin ETFs have recently experienced persistent net outflows, with some investors taking profits or reducing positions. This further weakens buying support from the capital flow side. Under the combined pressure of ETF capital outflows, CME institutional put accumulation, and options expiration risks, Bitcoin's short-term downside pressure remains significant. However, some analysts point out that extreme bearish positioning often foreshadows reversals—once market sentiment stabilizes, short covering can trigger explosive rallies. In the days surrounding June 26, traders should pay close attention to liquidity shifts and directional choices brought by options settlement.