BlockBeats report: On June 21, Bitcoin options worth approximately $13 billion are set to expire on June 26. The current open interest structure significantly favors short positions, raising concerns that the month’s downward trend may continue. Bitcoin has declined about 14% so far this June, with the majority of call options concentrated at $68,000 and above, leaving many long positions underwater.
Options market data shows that Deribit holds $10.4 billion in open interest, accounting for 79% of market share. Of this, call option open interest reaches $6 billion, but 78% is concentrated above $72,000—less than a week until expiration—suggesting actual effective exposure may significantly shrink. Among the $4.5 billion in put options, only 28% are positioned for Bitcoin to fall below $57,000, indicating an overall more robust bearish structure.
Based on current price trends, all four scenarios favor short positions at expiration on June 26, with a net advantage ranging from $1 billion to $3.4 billion. Even if Bitcoin rebounds by 12% from its current level of approximately $63,000, the outcome of this expiration remains unlikely to shift in favor of long positions.
Bullish sentiment previously stemmed from Strategy Corp.'s substantial purchases of approximately 62,841 bitcoins between April and May, which pushed prices above $73,000. However, market sentiment sharply reversed due to sustained net outflows from U.S. spot Bitcoin ETFs and stalled progress on digital asset tax legislation. Analysts note that while this options expiration does not determine July’s price direction, it will weigh on bullish confidence.