Bitcoin’s June options expiry is shaping up as a difficult test for bulls after a 14% price drop left much of the bullish positioning far out of reach. About $13 billion in bitcoin options open interest is set to expire on June 26, creating a large settlement event at a moment when BTC is already trading under pressure. The market’s problem is not only the size of the expiry. It is where traders had placed their bets before the June decline accelerated. Most call options were stacked at $68,000 or higher, meaning many bullish contracts now sit well above spot price. With bitcoin recently near $63,000, those positions ... (full story)