PANews June 25 news, reported by Bloomberg, Deribit is set to see approximately $10 billion in notional value of Bitcoin options expire on Friday, accounting for about 37% of current total open interest. The put/call ratio stands at 0.83, indicating that bullish bets still hold the majority, but most call options are already out-of-the-money, while put options are concentrated in the $60,000 to $65,000 and $70,000 to $75,000 ranges, meaning bearish bets are more likely to profit. Deribit Chief Commercial Officer Jean-David Pequignot said this is an options portfolio structured for medium-term high prices, which is now being tested by the decline in spot prices.

The market backdrop continues to deteriorate: U.S. Bitcoin funds saw net outflows of nearly $3 billion in June, Strategy is under pressure amid doubts over its ability to meet obligations, and at the macro level rising rate-hike expectations are further weighing on risk assets. Adam Haeems, head of asset management at Tesseract Group, pointed out that quarter-end liquidity tends to be thin, and Friday’s price action may overshoot in either direction first, then revert to the mean after market makers close out hedges, but the more important test will come in the first week of July after quarterly contracts are settled and leverage is reduced.