- Bitcoin Options are set to expire, with max pain at $105k and mounting pressure near $100k support.
- Will bearish flows and leveraged short plays force BTC below $100k as expiry approaches?
If you thought Bitcoin’s [BTC] 7% weekly drop meant the volatility was cooling off, think again.
BTC dropped 1.19% in the last 24 hours, wicking to $102,446 and triggering over $105 million in long liquidations.
Sure, the $100k level is still holding firm, signaling resilient bid-side interest and active absorption of downside liquidity. But this wave of forced deleveraging might just be one side of the story.
BTC market braces for high-stakes Options expiry
Since May, it’s almost like Bitcoin has been trapped in a speculative bubble.
Despite steady institutional inflows, seven separate BTC purchases from MSTR, and aggressive whale accumulation, Bitcoin hasn’t shown the kind of follow-through you’d expect after tagging a new all-time high.
Retail apathy and persistent macro headwinds have kept risk-off flows alive, capping any sustained upside. In turn, giving derivatives traders a prime setup to capitalize on the uncertainty.
By late May, Options and Futures Open Interest (OI) hit record highs as traders ramped up leveraged positioning and pushed put/call ratios higher, signaling strong engagement despite the spot price stalling.
Source: Deribit
The result? $4 billion in BTC Options are set to expire on the 21st of June, with Max Pain anchored at $105,000.
Puts are stacked thick just below current price levels—particularly at $102K and $105.5K—suggesting bears are already working to pin BTC under the max pain zone.
A Put/Call Ratio of 1.19 adds fuel to that fire, revealing a skew toward bearish bets. Naturally, this puts pressure on bulls to defend current levels and avoid another liquidity cascade.
In short, the upcoming week could see heightened volatility. Bearish traders work to keep BTC pinned below the max pain level.
Consequently, giving opportunistic shorts a clear runway to press high-leverage downside bets.
Bitcoin Options set to test $100k support
According to AMBCrypto, derivatives-driven liquidity will test Bitcoin’s $100k support. The $4 billion expiry? It could be just the opening move in a high-stakes volatility cycle.
You see, on the 27th of June, BTC faces a much larger $14.2 billion notional expiry, representing 137K Options contracts, with Max Pain down at $100,000.
Should BTC trade above that level into expiry, it could trigger a cascade of short-covering and dealer hedge unwinds. In turn, fueling a squeeze that accelerates upside momentum into month-end.
Source: Deribit
Given how Bitcoin’s held up through Q2, there’s a real shot it could break out of its range and start Q3 on a strong note.
But with volatility heating up and fresh liquidity about to hit the market, keeping a close eye on derivatives flow is more important than ever.
