The Bitcoin options worth $13 billion will expire on June 26th, and the current position structure is favorable for short positions. Bitcoin has fallen about 14% since June, with most call options concentrated at $68000 and above. Deribit platform holds $10.4 billion in open interest, accounting for 79% of the market share. Among them, the open interest of call options reached 6 billion US dollars, with 78% concentrated above 72000 US dollars; 28% of the $4.5 billion put options bet on Bitcoin falling below $57000. When it expires on June 26th, all four scenarios are favorable for bears, with a net advantage ranging from $1 billion to $3.4 billion. Bitcoin's 12% rebound from the $63000 level still cannot benefit the bulls. Strategy Company bought 62841 bitcoins between April and May, pushing the price above $73000. However, the US Bitcoin spot ETF continued to experience net outflows, and the promotion of the digital asset tax bill was hindered, resulting in weakened market sentiment.
