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Data: Bitcoin's June correction triggered $8.6 billion in options out-of-the-money, with 80% of positions nearing expiration, becoming invalid or amplifying volatility.

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Crypto Market News: Data from the market data platform Deribit shows that as Bitcoin continues to decline in June, there is a significant imbalance in the options market expiring this month, with approximately $8.6 billion in nominal value of BTC options being out-of-the-money (OTM) and facing the risk of expiration to zero. Data indicates that of the approximately $10.6 billion in open interest options expiring on June 26, only about 20% are in-the-money (ITM), with the remaining 80% currently in a loss position. Analysts point out that this structural imbalance could trigger concentrated hedging adjustments by market makers and traders before expiration, thereby amplifying short-term market volatility. The current market maximum pain price is around $74,000, about 14% higher than Bitcoin's current price of approximately $65,000. Theoretically, this price level implies that the most options contracts will expire worthless, which could exert an upward pull on the price as expiration approaches, but the effectiveness of this mechanism in the crypto market remains debated. Additionally, the put/call ratio is approximately 0.87, indicating increased divergence in market sentiment, with put options and call options showing relatively close structures. About $450 million in positions are concentrated in $60,000 put options, while $406 million in $80,000 call options also form a key resistance level. Analysts believe that as the quarterly expiration approaches, concentrated exercise and hedging adjustments could become important drivers of short-term price fluctuations, and Bitcoin may face a more intense window for directional decision-making.
BTC0.86%
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