Put options currently hold a $1 billion to $3.4 billion advantage over calls, pointing to a bearish tilt into the expiry.
Bitcoin markets are approaching a major June 26 options expiry worth $13 billion. Ahead of the event, put options (contracts that profit if prices fall) are reported to hold a $1 billion to $3.4 billion advantage over call options, indicating traders are positioned more defensively going into the settlement window. Large options expiries can influence short-term market positioning as traders hedge exposure or roll contracts into later dates.