Bitcoin’s $13B Options Expire May Push Price To New Lows

$13 billion in Bitcoin options open interest is set to expire on June 26, a development that could give bears fresh ammunition after a 14% price drop in June. That decline left many bulls exposed, since most call options were stacked at $68,000 or higher. Deribit leads with $10.4 billion of the open interest, representing a 79% market share, while OKX holds 6%, Binance and CME 5% each, and Bybit 4%.

Total call open interest at Deribit hit $6 billion, but 78% of that sits at $72,000 or higher; of the $4.5 billion in puts, only 28% hinge on Bitcoin falling to $57,000 or below, a setup that favors sellers. Some bullish optimism traced to Strategy’s aggressive buying—62,841 BTC added in April and May pushed prices above $73,000 in May—but sentiment cooled as US-listed spot Bitcoin ETFs began seeing outflows in mid-May and hopes for the Digital Asset PARITY Act faded.

The market also reacted to Strategy’s sale of 32 BTC and the resulting ETF outflows, even as excitement around tech stocks grew after Google and Nvidia cash raises.

United States

bitcoin, options expiry, open interest, deribit, call options, put options, spot etfs, etf outflows, parity act, okx