Bitcoin faces a near $10 billion options expiry on Deribit on June 26, with 78% of the total sitting out of the money after the asset's recent price slide. The settlement carries approximately $9.6 billion in notional value, with 97.83% of call contracts stranded above the current spot price. The expiry lands as institutional demand fades and macroeconomic pressure builds, leaving the market exposed to potential defensive selling as one-sided positioning concentrates into a single high-value settlement session.
Call and Put Positioning Breakdown for June 26 Expiry
Of the 91,149 call contracts set to expire, 97.83% sit out of the money, worth $5.44 billion against just $120.5 million of calls that still hold intrinsic value at current prices, bringing total call notional to $5.56 billion. Puts split almost evenly between $2.07 billion out of the money and $2 billion in the money for $4.07 billion in put notional. The 66,726 put contracts bring total open interest for the expiry to 157,875 contracts, and across both sides $7.51 billion of that book carries no intrinsic value at current prices, leaving 78.01% out of the money against 21.99% in the money.
The put-to-call ratio of 0.73 shows traders still leaning toward higher prices, while the max pain level sits at $72,000, roughly 18% above spot. The June 26 block towers over the next-largest expiries dated July 31, September 25 and December 25, concentrating the unwinding into a single session.
Bitcoin Spot Price Falls to $59,012 as Futures Signals Show Mixed Positioning
In the late hours of June 24, Bitcoin fell to an intraday low of $59,012 on the Binance chart. On a year-to-date basis, the asset is down 30% and remains approximately 51% below its all-time high reached in October.
The perpetual futures market shows the long-to-short ratio sitting at 0.965 on CoinGlass, a reading below 1 that points to heavier selling than buying volume across trader positioning. The open-interest-weighted funding rate turned slightly positive at 0.0078%, showing long traders now dominate Bitcoin's perpetual contracts after flipping from short dominance between June 24 and 25.
Liquidations tilt against the bulls, with roughly $320.74 million in long positions wiped out over the past 24 hours against $97.28 million for shorts, a more than three-to-one imbalance. Macro conditions add to the strain as the prospect of rising interest rates pulls capital away from assets that pay no yield, with hawkish Federal Reserve commentary and elevated Treasury yields pointing to tighter liquidity ahead of the June 26 settlement.
FAQ
What is the total notional value of Bitcoin options expiring on June 26?
Approximately $9.6 billion in notional value is set to expire on Deribit on June 26, with 78% of that total sitting out of the money after Bitcoin's price slide.
How many Bitcoin call contracts are out of the money for the June 26 expiry?
Of the 91,149 call contracts set to expire, 97.83% sit out of the money, worth $5.44 billion, against just $120.5 million of calls that still hold intrinsic value at current prices.
