ChainThink reports that, on June 21, options market data showed approximately $13 billion worth of Bitcoin options are set to expire on June 26. The current open interest structure is clearly skewed toward short positions, suggesting long positions may continue to face pressure in June.
Bitcoin has declined approximately 14% so far this month, with the majority of call options concentrated at $68,000 and above. The Deribit platform holds $10.4 billion in open interest, accounting for 79% of the market share.
Of the $6 billion in open interest for call options, 78% is concentrated above $72,000; among the $4.5 billion in put options, only 28% bet on Bitcoin falling below $57,000, indicating an overall more robust put structure.
Based on the current price trend, 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 12% from its current level of approximately $63,000, the outcome of this expiration is unlikely to benefit bulls.
Previously, bullish sentiment was boosted by Strategy’s purchase of approximately 62,841 bitcoins between April and May, which pushed the price above $73,000. However, sentiment weakened afterward as U.S. spot Bitcoin ETFs continued to experience net outflows.