$13 billion Bitcoin options set to expire, with bears in control, bulls may face continued pressure in June

BlockBeats News, June 21st, a roughly $13 billion Bitcoin options will expire on June 26th, with the current open interest structure significantly favoring the bears. The market is concerned that this month's decline may continue. Bitcoin has fallen by about 14% so far in June, with the majority of call options concentrated at $68,000 and above, causing a widespread long squeeze.

Options market data shows that the Deribit platform holds $10.4 billion in open interest, accounting for a 79% market share. Among them, the open interest of call options amounts to $6 billion, but 78% are concentrated above $72,000. With less than a week until expiration, the actual effective positions may shrink significantly. For the $4.5 billion of put options, only 28% are betting on Bitcoin dropping below $57,000, indicating a more robust bearish structure overall.

According to the current price trend, all four scenarios will favor the bears on the June 26th expiration date, with a net advantage ranging from $1 billion to $3.4 billion. Even if Bitcoin bounces back by 12% from the current level of around $63,000, it will still be difficult to reverse the outcome in favor of the bulls.

Prior to this, the optimism of the bulls stemmed from Strategy Company's large-scale purchase of around 62,841 Bitcoins in April and May, driving the price above $73,000. However, the subsequent continuous outflow of the U.S. Bitcoin spot ETF and the obstruction of the digital asset tax bill have led to a drastic change in market sentiment. Analysts point out that although the outcome of this options expiration does not determine the trend for July, it will suppress the bullish confidence.