$13B Bitcoin options expire June 26; bulls under pressure
About $13 billion of Bitcoin options expire June 26; puts hold a $1B–$3.4B edge and Deribit accounts for about $10.4B of the open interest.
About $13 billion of Bitcoin options are scheduled to expire on June 26, with put contracts carrying a $1 billion to $3.4 billion net advantage ahead of the monthly settlement. Deribit holds roughly $10.4 billion of the options open interest, representing about 79% of the total. Other venues hold smaller shares: OKX about 6%, Binance and CME about 5% each, and Bybit about 4%.
On Deribit, total call open interest is near $6 billion, but 78% of those calls have strike prices at $72,000 or higher. Put open interest on Deribit is about $4.5 billion, and 28% of that amount is tied to strikes at $57,000 or below. Options with strikes well above the current market price require the underlying to reach those levels by expiry to finish in the money.
Bitcoin’s price has fallen about 14% so far in June to roughly $63,000. In April and May, MicroStrategy bought 62,841 BTC, a concentrated purchasing period that coincided with prices topping $73,000 in May. Beginning in mid-May, U.S.-listed spot Bitcoin exchange-traded products registered net outflows. Legislative proposals related to digital-asset taxation did not advance, and MicroStrategy later sold 32 BTC; ETF outflows continued into June.
Based on current open interest and price ranges, puts would net an advantage of about $3.4 billion if Bitcoin closes between $57,000 and $61,000 on June 26. A close between $61,001 and $65,000 would leave puts ahead by roughly $2.7 billion. Between $65,001 and $69,000, puts would retain a $1.7 billion edge. A close between $69,001 and $71,000 would favor puts by about $1 billion. A rally of about 12% from the current level would not be sufficient to put calls ahead at expiry.
Because a large portion of call open interest is concentrated at strikes above $72,000, much of that open interest requires a substantial price rise to finish in the money. Traders and investors will watch price action and trading volumes through June 26 to see how many positions are closed, rolled or exercised. The outcomes at expiry will change option-driven supply and demand for Bitcoin into July.
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