
Bitcoin's June downturn leaves $8.6 billion in options out of the money
With only about 20% of the $10.6 billion in open interest sitting in-the-money (ITM) and the remaining 80% out-of-the-money (OTM), the market has a strong imbalance that could fuel sharp price swings as participants scramble to adjust their positions. The story doesn’t end there. Max pain and put-call ratio Another factor pointing to potential volatility is the max pain price for the June 26 expiry, which currently sits at $74,000, about 14% above bitcoin’s current spot price near $65,000. Max pain is the price level at which the largest number of options contracts would expire completely worthless. The theory suggests…








