$13 billion worth of Bitcoin options are about to expire. Bears have the upper hand, while bulls in June may continue to face pressure.

BlockBeats News, June 21 — About $13 billion worth of Bitcoin options will expire on June 26. The current open interest structure clearly favors the bears, and market concerns suggest the downward trend this month may continue. Bitcoin has fallen approximately 14% so far in June, with most bullish options concentrated at prices of $68,000 and above, leading to widespread short positions being trapped.

Options market data shows that Deribit holds $10.4 billion in open interest, accounting for 79% of the market share. Among them, open interest in call options reaches $6 billion, with 78% concentrated above $72,000. With less than a week until expiration, the actual effective positions may significantly shrink; among the $4.5 billion in put options, only 28% are betting on Bitcoin falling below $57,000. Overall, the bearish structure remains more robust.

Based on the current price trend, all four scenarios at the June 26 expiration favor the bears, with a net advantage ranging from $1 billion to $3.4 billion. Even if Bitcoin rebounds 12% from the current level of around $63,000, the outcome at expiration is still unlikely to turn in favor of the bulls.

The bulls' previous optimism was driven by Strategy company’s large purchase of approximately 62,841 Bitcoins between March and May, pushing the price above $73,000. However, subsequent net outflows from the US Bitcoin spot ETF and delays in advancing the digital asset tax legislation caused market sentiment to turn sharply negative. Analysts point out that while this options expiration does not lock in July’s trend, it will exert pressure on bullish confidence.