CoinDesk
Bitcoin heads into its largest options expiry of the year on June 26 with positioning tilted sharply against the bulls. Of the $10.6 billion in notional open interest on the contract, just $2 billion — roughly 20% — currently sits in the money, leaving about $8.6 billion out of the money after BTC's roughly 12% monthly slide. Deribit data shows the imbalance is unusually lopsided for a quarterly expiry, and market makers have less than a week to reposition before settlement.
Why it matters
The June 26 expiry is the most-watched print on the calendar because quarterly expiries force large-scale reshuffling by traders and market makers in the final days. That reshuffling tends to amplify spot volatility, and the effect is sharper when one side is this underwater. The put-to-call ratio stands at 0.87, with 87,156 calls versus 76,241 puts across the $10.6 billion in notional open interest — slightly call-heavy on contract count, but with the majority of those calls sitting at strikes well above current spot.
The max pain price for the expiry is $74,000, about 14% above the current spot near $65,000. Max pain is the level at which the most contracts would expire worthless, and while the gravitational pull is debated in crypto, a $9,000 convergence in either direction is a meaningful move into settlement.
Market impact
Open interest is concentrated around two strikes that frame the next leg. The $60,000 put holds about $450 million in exposure — a level BTC tested at the start of June and the obvious downside support to watch. The $80,000 call, with roughly $406 million, is the major upside hurdle and the strike bulls would need to drag spot toward for those positions to recover. A move toward max pain at $74,000 would flip a meaningful slice of that OTM call stack back into profitability without breaking the put wall below. Deeper drawdown toward $60,000 does the opposite, forcing the put side into payout while the call stack stays worthless.
Frequently asked questions
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How much in bitcoin options expires on June 26?
Roughly $10.6 billion in notional bitcoin options open interest is set to expire on June 26, making it the largest expiry on the 2025 calendar according to Deribit data.
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How much of the June 26 bitcoin options expiry is out of the money?
About $8.6 billion, or 80%, of the $10.6 billion in notional open interest is currently out of the money after bitcoin's roughly 12% monthly decline.
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What is the max pain price for the June 26 bitcoin options expiry?
Max pain for the June 26 expiry sits at $74,000, about 14% above bitcoin's current spot price near $65,000. Max pain is the strike at which the largest number of contracts would expire worthless.
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What are the key bitcoin options strikes to watch?
The $60,000 put holds roughly $450 million in open interest as the major downside support level, while the $80,000 call holds about $406 million as the primary upside hurdle.
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What is the put-to-call ratio for the June 26 bitcoin options expiry?
The put-to-call ratio stands at 0.87, with 87,156 call contracts versus 76,241 put contracts across the $10.6 billion in notional open interest — slightly call-heavy on count but with most calls sitting above current spot.
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