Bitcoin Options Face $8.6B Expiration Risk as 80% of June 26 Contracts Trade Out-of-the-Money

According to Deribit data, about $8.6 billion in Bitcoin options notional value are out-of-the-money (OTM) as of June, with 80% of the roughly $10.6 billion in open contracts set to expire on June 26 currently unprofitable. Only 20% of these contracts are in-the-money (ITM), leaving the majority at risk of expiring worthless.

The market's maximum pain price stands at approximately $74,000, about 14% above Bitcoin's current price near $65,000. Meanwhile, the put-to-call ratio sits at 0.87, with significant positions including $450 million in $60,000 put options and $406 million in $80,000 call options.