Bitcoin faces a hefty options expiry that could deepen its current slump. About $10 billion of notional value will vanish on Deribit, the leading crypto options venue, at 4 p.m. Friday Singapore time. Most contracts are bullish calls, yet the price has slid, leaving traders vulnerable to defensive or bearish shifts. The market, already below its 200‑week moving average, may see heightened swings as dealers rebalance.

The expiring contracts represent roughly 37% of open interest, according to Deribit’s chief commercial officer Jean‑David Pequignot. A puts‑to‑calls ratio of 0.83 signals more upside bets, but most calls sit out‑of‑the‑money while puts cluster around $60‑$75 k, suggesting bearish positions stand to profit if prices stay low. If Bitcoin breaches $58 k, many out‑of‑the‑money calls could expire worthless, intensifying sell pressure.

Meanwhile, institutional demand wanes: US‑listed Bitcoin funds logged nearly $3 billion of net outflows in June, and Strategy Inc., the biggest corporate holder, wrestles with debt concerns. Combined with tighter liquidity from rising rates, the expiry could trigger a sharp, short‑lived swing that forces dealers to unwind hedges before the market steadies in early July. Liquidity strains could also ripple into related crypto derivatives.