Bitcoin's 12% decline in June has left approximately $8.6 billion, or 80%, of the $10.6 billion in options set to expire on June 26 out of the money. This significant imbalance, with only 20% in the money, is expected to trigger heightened volatility as traders and market makers adjust positions before the expiry. The max pain price for the June 26 expiry sits at $74,000, about 14% above the current spot price near $65,000. If the max pain theory holds, bitcoin could see a bounce toward that level. Key support and resistance levels are identified at the $60,000 put and $80,000 call strikes, with $450 million and $406 million in open interest respectively. The put-to-call ratio of 0.87 reflects growing uncertainty, though call options still slightly outnumber puts. The expiry dynamics could significantly impact bitcoin's price trajectory in the coming weeks.

Key facts

• 80% of $10.6B options expiring June 26 are out of the money.
• Max pain price at $74,000, 14% above current spot near $65,000.
• Key support: $60,000 put with $450M open interest.
• Key resistance: $80,000 call with $406M open interest.
• Put-call ratio at 0.87, indicating balanced yet uncertain sentiment.

KeyAudit data perspective