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

Market data platform Deribit shows that as Bitcoin continues to decline in June, the options market set to expire this month has experienced a significant imbalance, with approximately $8.6 billion nominal value of BTC options in an out-of-the-money (OTM) state, facing the risk of expiring worthless.

Data indicates that among the approximately $10.6 billion in open options contracts expiring on June 26, only about 20% are in-the-money (ITM), while the remaining 80% are currently at a loss. Analysts point out that this structural imbalance may trigger concentrated hedging adjustments by market makers and traders before expiration, thereby amplifying short-term market volatility.

The current maximum pain price is approximately $74,000, which is about 14% higher than Bitcoin's current price of around $65,000. Theoretically, this price level means that the maximum number of options contracts will expire worthless, potentially creating an upward pull on prices as expiration approaches, although the effectiveness of this mechanism in the crypto market remains controversial.

Additionally, the bullish and bearish structures in the options market are relatively close, with a Put/Call ratio of about 0.87, indicating increased divergence in market sentiment. Approximately $450 million in positions are concentrated in $60,000 put options, while $80,000 call options also form a key resistance level of about $406 million.

Analysts believe that as the quarterly expiration approaches, concentrated exercising and hedging adjustments may become important driving factors for short-term price volatility, and Bitcoin may face a more intense directional choice window.