Bitcoin (BTC) is heading into a massive options expiry already on the back foot. The event could add pressure to a market battered by fading institutional demand and macro headwinds. Roughly $10 billion in notional value of Bitcoin options expires on Deribit, the largest crypto options venue, at 4 p.m. on Friday, June 26, in Singapore. With most of those contracts positioned as bullish bets and Bitcoin sliding, traders may shift toward more defensive or outright bearish stances into the close. The expiring contracts account for about 37% of open interest, the total number of active positions on Deribit. According to ... (full story)