With only 20% of options open interest from June 26 currently profitable, bitcoin's 12% drop this month has left many bullish bets unviable.
By James Van Straten|Edited by Omkar Godbole Jun 17, 2026, 11:41 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Open Interest by Strike Price (Deribit)SummaryShow- Over $10.6 billion in bitcoin options are scheduled to expire on June 26, marking it as the largest expiry this month.
- Currently, only $2 billion of the $10.6 billion in June 26 options open interest is profitable, leaving around $8.6 billion, or 80%, worthless.
- The $60,000 put strike maintains $450 million in open interest as a crucial support level, while the $80,000 call, with $406 million in exposure, poses a significant upside barrier.
In light of bitcoin's BTC$64,766.65 decline in June, which has been 12%, the options market on Deribit reveals a concerning outlook. This drop has resulted in $8.6 billion worth of BTC options likely to expire worthless.
This figure represents approximately 80% of the total $10.6 billion in options set to expire on June 26, as reported by Deribit. These values reflect the notional open interest, indicating the dollar value of active contracts at the time of reporting.
Options are derivative instruments that enable traders to speculate on the price movements of bitcoin by a specific date. A "call" option anticipates a price increase, while a "put" option predicts a price decrease.
Being in-the-money indicates that the option would be profitable if exercised today, whereas out-of-the-money means the option is not currently profitable and would be worthless at expiration.
Quarterly expiries like the one on June 26 are critical as they often result in significant repositioning by traders and market makers in the days leading up to the expiry. This repositioning can lead to increased volatility, particularly when the market is as imbalanced as it is now.
With just 20% of the $10.6 billion in open interest currently in-the-money (ITM) and the remaining 80% out-of-the-money (OTM), this disparity could cause sharp price fluctuations as market participants adjust their positions.
The situation is further complicated.
Max Pain and Put-Call Ratio
A notable element indicating potential volatility is the max pain price for the June 26 expiry, which is currently at $74,000, approximately 14% above bitcoin's present spot price near $65,000.
The max pain level is the price point at which the maximum number of options contracts would expire worthless. According to theory, as the expiry date nears, the underlying asset (bitcoin in this case) tends to move towards this max pain price as traders and market makers readjust their positions.
Although this "max pain" concept is commonly observed in traditional markets, its effectiveness in the crypto market often sparks debate. However, if the theory proves accurate, bitcoin might experience a significant rally towards $74,000 in the near future.
Currently, the put-call ratio stands at 0.87, showing 87,156 call contracts against 76,241 put contracts across the more than $10.6 billion in notional open interest. While calls slightly outnumber puts, the relatively balanced positioning suggests increasing uncertainty among traders.
Open interest is heavily focused around two major strike prices. The $60,000 put maintains about $450 million in exposure, making it a vital support level that bitcoin tested earlier in June. Conversely, the $80,000 call, with around $406 million in open interest, represents a significant obstacle for upward movement.
Overall, these dynamics surrounding the expiry could significantly influence bitcoin's price trajectory in the weeks to come.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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