Your day-ahead look for June 23, 2026
By Omkar Godbole|Edited by Sheldon Reback Jun 23, 2026, 11:16 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on A $10 billion option expiry deadline is approaching.This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Bitcoin's BTC$62,432.31 volatility is currently seen as inexpensive, especially on the bullish side, as the market approaches a $10.5 billion quarterly options expiration, according to major derivatives exchange Deribit.
The bitcoin volatility index from Deribit, known as DVOL, which gauges the expected annualized 30-day volatility, is currently at 41.5%. While this is significantly lower than the peak of 90% seen in February, it is not as low as the figures recorded in May.
Jean-David Péquignot, Deribit's chief commercial officer, commented to CoinDesk that, "Volatility is inexpensive compared to its historical standards, but it is no longer at extreme discount levels."
This affordable volatility suggests that traders are anticipating less price movement for Bitcoin compared to the majority of the past year, which in turn makes options cheaper to acquire. Given that volatility tends to revert to its mean, traders frequently engage in options trading or speculate on volatility when it appears relatively inexpensive against historical averages.
Péquignot noted that the volatility for call options is much lower than for put options, making call spreads a more appealing strategy for bullish investors.
He stated, "Call spreads are appealing for anyone seeking exposure to a recovery following the quarterly reset. They appear even more advantageous on a relative volatility basis, as those engaging in long call spreads are purchasing the cheaper side of a skew that is leaning in the opposite direction."
Several factors could potentially elevate volatility in the near future. The options expiration on Friday is considered "one of the most significant liquidity events on the annual calendar," according to Péquignot.
Additionally, traders who have recently purchased put options are currently profitable, while those who bought call options are likely to see their investments expire without value.
Péquignot explained, "With the spot price at 64k, the June 26 book is net long puts that are in the money and long calls that are out of the money – the inherent loss is resting with the call buyers who pursued the 80k+ strikes."
The recent significant drop in stocks of Alphabet (GOOG) and SpaceX (SPCX), along with declines in Asian equity markets, could also increase bitcoin's volatility, as it often follows the trends set by tech stocks.
Moreover, the core PCE, which is the Federal Reserve's preferred inflation measure, is set to be released on Thursday and is anticipated to indicate the strongest price pressures since May 2024. Such data could lead to increased volatility across various assets, including Treasury securities and cryptocurrencies. Stay vigilant!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."
What’s trending
- Stocks impacted by tech selloff as Korean shares tumble: markets wrap (Bloomberg): A selloff swept across global markets as investors expressed concerns over the high valuations of tech stocks.
- Hut 8 to pay $2.35 million to settle investor lawsuit regarding U.S. Bitcoin merger (CoinDesk): Former bitcoin miner Hut 8 (HUT) has agreed to a $2.35 million settlement in a securities class action that accused it of misleading investors about the benefits of its 2023 merger with U.S. Bitcoin Corp. (USBTC).
- Trump signs orders to develop a quantum computer and safeguard against potential encryption breaches (CoinDesk): The White House has issued executive orders aimed at building a quantum computer, a high-speed machine that could potentially undermine bitcoin encryption, along with measures to protect against the risks posed by such devices.
- SpaceX’s $600 billion drop wiped out nearly half of bitcoin’s market cap in three days (CoinDesk): SpaceX's stock suffered a loss exceeding $600 billion in market value over three trading days following its announcement of its first bond sale. This loss is roughly equivalent to half of bitcoin's total market capitalization.
Today’s signal
Dollar Index daily chart in candlestick format. (TradingView)The chart illustrates daily fluctuations in the Dollar Index (DXY), which assesses the U.S. dollar's performance against a selection of other currencies, since late 2024.
The index has surpassed 101, decisively breaking out of a prolonged period of erratic trading. This significant bullish shift could attract further interest from momentum traders, possibly leading to additional gains in the future.
A rising DXY typically exerts downward pressure on dollar-denominated assets, including bitcoin and gold.
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CEX Volumes Decline to Lowest Since September 2024 as RWA Perpetuals Reach Record High
CEX Volumes Decline to Lowest Since September 2024 as RWA Perpetuals Reach Record High
In May, total exchange volumes decreased by 3.45% to $4.41 trillion, marking the lowest level since September 2024. Meanwhile, RWA perpetual futures volumes surged by 10.4%, achieving a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, total exchange volumes decreased by 3.45% to $4.41 trillion, marking the lowest level since September 2024. Meanwhile, RWA perpetual futures volumes surged by 10.4%, achieving a new all-time high.
Why it matters:
In May, total exchange volumes decreased by 3.45% to $4.41 trillion, marking the lowest level since September 2024. Meanwhile, RWA perpetual futures volumes surged by 10.4%, achieving a new all-time high.
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