Bitcoin's June downturn leaves $8.6 billion in options out of the money
CoinDesk 2026-06-17 11:41:06
Context: Bitcoin's price decline in June has resulted in a significant portion of options contracts becoming worthless, with $8.6 billion in options expiring on June 26 now out of the money. This development has created an imbalance in the market, which could lead to heightened volatility as traders and market makers adjust their positions. The largest expiry event on the calendar is set to take place on June 26, with over $10.6 billion in bitcoin options expiring.
Key Facts
- More than $10.6 billion in bitcoin options are set to expire on June 26, making it the largest and most closely watched expiry on the calendar.
- Only $2 billion of the $10.6 billion in June 26 options open interest is currently in the money, leaving roughly $8.6 billion, or 80%, out of the money.
- The $60,000 put strike holds $450 million in open interest as a key downside support level, while the $80,000 call, with $406 million in exposure, remains the market's major upside hurdle.
- The max pain price for the June 26 expiry currently sits at $74,000, about 14% above bitcoin's current spot price near $65,000, which could potentially lead to a strong bounce in bitcoin's price.
- The put-to-call ratio stands at 0.87, reflecting 87,156 call contracts versus 76,241 put contracts across more than $10.6 billion in notional open interest, indicating growing uncertainty among traders.