More than $10.6 billion in bitcoin options are set to expire on June 26, making it the largest and most closely watched expiry on the calendar. This expiry could have a significant impact on bitcoin's price trajectory in the coming weeks, as it triggers large-scale reshuffling by traders and market makers in the final days, often breeding heightened volatility.

DATA & FIGURES

The $10.6 billion in bitcoin options expiring on June 26 is the largest expiry on the calendar, with $2 billion of this amount currently in the money and $8.6 billion out of the money. The $60,000 put strike holds $450 million in open interest as a key downside support level, while the $80,000 call, with $406 million in exposure, remains the market's major upside hurdle.

THE SCENARIO

The expiry dynamics could have a meaningful impact on bitcoin's price trajectory in the coming weeks, as traders and market makers adjust their positions. The 11% decline in bitcoin's price has left a staggering $8.6 billion worth of BTC options out-of-the-money and on track to expire worthless.

DIRECT QUOTE

"The 11% decline has left a staggering $8.6 billion worth of BTC options out-of-the-money and on track to expire worthless." — James Van Straten, Markets Reporter, CoinDesk

BBN INSIGHT

The large expiry on June 26 could lead to increased volatility in the bitcoin market, as traders and market makers adjust their positions. The strong imbalance between in-the-money and out-of-the-money options could fuel sharp price swings, and the max pain price of $74,000 could be a key level to watch.

MARKET REACTION

The market reaction to the expiry will depend on various factors, including the actual price movement of bitcoin and the adjustments made by traders and market makers.