Bitcoin slipped to $64,766.65 in June, registering an 11% decline that pushed $8.6 billion of BTC options out‑of‑the‑money, according to data from Deribit.
Deribit Options Exposure
Deribit reports that the $8.6 billion represents roughly 80 % of the $10.6 billion in open interest slated to expire on June 26. The figures reflect notional value, which measures the dollar amount of all active contracts at the time of reporting.
Options give investors the right to buy (call) or sell (put) Bitcoin at a predetermined price before a set date. When an option is out‑of‑the‑money, it holds no intrinsic value and will expire worthless if the price does not move in its favor.
Implications for Traders and the Crypto Market
Only about 20 % of the $10.6 billion in open interest sits in‑the‑money, creating a pronounced imbalance that could trigger sharp price swings as market participants rush to re‑balance positions. Quarterly expiries such as June 26 often spark heightened volatility because traders and market makers must adjust large portfolios in the final days.
The skewed put‑call ratio and the looming “max pain” point suggest that many investors may face losses if Bitcoin fails to rebound before the expiry date, potentially amplifying volatility across the broader crypto market.