Bitcoin's 12% decline this month has pushed $8.6 billion worth of options contracts out of the money, with just 20% of June 26 open interest still in profitable territory. The rout leaves most bullish bets underwater ahead of the monthly expiry.
Options expiry looms
The June 26 expiration date now carries $8.6 billion in open interest that is out of the money — meaning the strike price is higher than the current spot price for calls, or lower for puts. Only about one-fifth of all positions expiring that day are currently in the money. That's a stark reversal from earlier this month when options pricing implied a more neutral to slightly bullish outlook.
Bullish bets underwater
Most of the damage hit call buyers. After a relatively stagnant May, traders had built up sizable bullish positions for June. The 12% monthly drop — which accelerated over the past two weeks — wiped out the majority of those contracts. Put options, which profit from declines, saw some inflows but not enough to offset the overall imbalance. The data suggests a heavy concentration of optimism that just didn't pan out.
Large chunks of out-of-the-money options can create volatility around expiry as market makers unwind hedges. The closer we get to June 26, the more those hedging flows could amplify price moves — especially if Bitcoin stays near current levels. But with so little open interest still in the money, the typical 'max pain' dynamics might be less pronounced this month. The bulk of the gamma exposure is already gone.
A quiet end to the quarter
The June expiry is the last major event before quarter-end rebalancing. With most options already underwater, the focus shifts to whether Bitcoin can recover any ground in the remaining nine days. The $8.6 billion figure is a reminder of how quickly sentiment can flip — and how expensive wrong-direction bets become when leverage is involved.
