Roughly $8.6 billion of Bitcoin options are out of the money ahead of the June 26 expiry, with analysts pointing to hedging flows, max pain near $74,000 and concentrated strikes at $60,000 and $80,000.
Bitcoin’s 12% monthly decline has left most June 26 derivatives positions under pressure, with Deribit data showing only about 20% of $10.6 billion in options open interest currently in the money and roughly $8.6 billion sitting out of the money. Analysts cited by CoinDesk said hedging and positioning adjustments around the expiry could amplify short-term volatility. The market’s max pain level is near $74,000, while the put/call ratio stands at 0.87, with notable concentrations at $60,000 puts and $80,000 calls. The setup highlights how a sharp selloff can rapidly erode call-option value as expiration nears and can increase sensitivity to dealer hedging flows around key strike levels.