Bitcoin Options Worth $9.6 Billion Expire Friday With 97.83% of Calls Out of the Money

BTC-0.98%
According to Deribit, Bitcoin options worth $9.6 billion expire on Friday (June 26) with 97.83% of call contracts stranded out of the money. Of the 91,149 expiring call contracts, only $120.5 million hold intrinsic value at current prices, leaving $5.56 billion in total call notional exposed to defensive selling pressure. Put contracts show a more balanced structure at $4.07 billion notional, with the put-to-call ratio at 0.73 signaling traders still lean bullish. Bitcoin fell to an intraday low of $59,012 on June 24 as selling intensified, down 30% year-to-date. The max pain strike sits at $72,000, roughly 18% above spot, suggesting most call bets will expire worthless.
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