$10.6 billion in Bitcoin options settled on Deribit at 08:00 UTC Friday, equal to roughly 37% of total Deribit open interest. Of that notional, $8.6 billion, or 80%, expired out-of-the-money, with Bitcoin near $59,675 on June 26 and max pain at $74,000.
The lopsided positioning reflects an 11–12% monthly decline that left bullish call bets stranded. Jean-David Pequignot, Deribit's chief commercial officer, told Bloomberg the market "had been positioned for higher prices over the medium term."
Dealer positioning amplified the downside risk ahead of settlement. Bitfinex analysts noted that Bitcoin was trading below its gamma flip, the $68,000–$70,000 zone above which market-maker hedging stabilizes rather than amplifies price moves. With net dealer gamma at -143,000 BTC ahead of the print, "dealer hedging amplifies moves rather than dampening them," Bitfinex wrote. The most visible downside anchor was a $450 million put wall at $60,000; The Block reported a break below that level would bring the $54,000–$56,000 range into scope through dealer re-hedging.
With settlement complete, that open interest collapsed. Bitfinex described the print as one that "resets the market positioning and opens up a potentially new trading regime." The starting conditions for that reset are thin: Bloomberg reported U.S. spot Bitcoin ETFs recorded nearly $3 billion in net outflows in June, including a single-day withdrawal of $469 million on June 24. The contracts that expired today were written against a demand picture that no longer holds.
