Deribit Exchange Reports $3B Bitcoin Options Expiry Amid Bullish Market Sentiment

Approximately 27,300 Bitcoin options contracts with a notional value of $3 billion are set to expire on July 4. This event is significantly smaller than last week's $17 billion expiry, indicating limited potential impact on spot markets. Bitcoin's price has shown modest gains toward the week's close, supported by positive US economic indicators.

The put/call ratio remains neutral at 1, reflecting equilibrium between bullish and bearish positions. Max pain is positioned at $106,000—$3,000 below current spot prices—where maximum losses WOULD occur. Open interest is heavily concentrated at strike prices of $115,000, $120,000, and $140,000, with over $1.5 billion at each level. Reduced open interest at lower strikes suggests strengthening bullish sentiment among derivatives traders.

Deribit noted subdued macro conditions and declining trading volumes, with traders slowly increasing exposure to Bitcoin futures. ethereum options worth $584 million will also expire, though market focus remains on BTC as it trades above $109,000.