Bitcoin faces $10 billion options expiry on Deribit amid weak demand

Bitcoin is bracing for one of the year’s largest options expiries, with about $10 billion in contracts set to lapse on Deribit on June 26, according to Bloomberg. This critical event comes at a time when the world’s leading cryptocurrency is struggling to recover from recent declines and investor appetite remains subdued.

Ongoing price pressure

On Wednesday, Bitcoin slid below $60,000, touching $59,023 — its lowest level since October 2024. In Thursday’s Singapore trading hours, Bitcoin was hovering around $60,800, indicating a volatile and cautious market environment.

Data cited in the report show that Bitcoin has lost more than half its value from its all-time high. Furthermore, Bitcoin’s drop below its 200-week moving average signals a breach of a key technical threshold often associated with extended market weakness.

Bullish bets disappoint as expiry nears

Most of the contracts due to expire were purchased on expectations of a Bitcoin price rally. However, the market moved in the opposite direction, leaving a large portion of these bullish positions significantly underwater. This dynamic has weakened the hand of investors banking on further gains.

Conversely, contracts aimed at profiting from a decline are concentrated in the $60,000 to $75,000 range. This suggests that as long as downward pressure persists, those betting on further losses may remain in a more advantageous position.

Mini glossary: Deribit is a widely used trading platform for crypto derivatives. An options contract gives investors the right, but not the obligation, to buy or sell an asset at a specified price by a certain date.

ETF outflows and rate concerns intensify pressure

The weakness extends beyond the options market. US-listed spot Bitcoin ETFs have seen nearly $3 billion in outflows this month alone. Ongoing concerns about high borrowing costs and tight financial conditions are adding extra strain on crypto assets.

The report also highlights worrying signals of weakening demand in US markets. Persistent inflows into exchanges have further increased downward pressure on prices.

Quarter-end expiry could fuel volatility

The timing of this major expiry is almost as significant as its size. Since the contracts are maturing close to the quarter’s end, analysts expect large investors to accelerate risk reduction and portfolio adjustments. Previous large-scale option closures have triggered sharp price swings in the past.

Back in March 2024, Bitcoin experienced notable volatility as investors repositioned during major options settlements. Similar turbulence was observed during quarterly expiries in June and December 2025. While such events may not determine the long-term trend, they often lead to abrupt short-term surges or drops.

With capital outflows persisting, elevated interest rates in place, and billions of dollars in contracts set to expire, investors are now focused on whether Bitcoin can hold the key $60,000 level in the coming days.

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