- Bitcoin’s options of $ 15 billion can unlock the great volatility.
- Will BTC retain its bullish momentum as soon as the dealer hedge flows disappear after the safeguard?
Bitcoin [BTC] Has returned almost 10% in less than a week to tap the range of $ 106k – $ 108k. In addition, it has completely circumvented the range of $ 103k – $ 105k that earlier in May acted as an important rejection block.
Momentum is clearly shifted and bulls look at the psychological level of $ 110k then. But the path that lies in front of us is anything but clean.
More than $ 15 billion in BTC options will end on 27 June, with open interest heavily stacked around High Gamma zones.
According to Ambcrypto, a clean break in both directions could set the tone for Bitcoin’s Q3 early price promotion after the expiry.
Upward pressure on Bitcoin
At the time of the press, the Options Open Interest of Bitcoin showed a bullish tilt, with traders 79,630 had calling calls with 59,770 wells. This sets the well/call ratio to 0.75.
That is a fairly clear sign that the leaning bullish of the market, but not in an overly busy way. The total OI was on a substantial contracts of 139,400, making it one of the biggest deposits in recent months.
The critical pressure point? Max Pain was $ 102,000, while Bitcoin’s prize traded at $ 5,500 higher. This gap places dealers in a short range of position, because most calls are now deep in the money.
Source: Deribit
Market makers respond by covering their risk by means of spot or futures, which injects mechanical bidding pressure into Bitcoin prior to the expiration date.
Simply put, if BTC continues to rise, this can activate a Gamma-Squeeze, where the dealer accelerating the price momentum accelerates by force dealers to buy back aggressively BTC to stay delta-neutral.
Looks ahead, BTC holds a structural bullish setup in the expiry date. If the price breaks neatly above resistance, the squeze can feed a quick push to the $ 110k marking.
Post-Expiry flow: what happens when the options sink in
As noted earlier, the current option structure has fueled a strong offer in Bitcoin in Bitcoin, with price that collects almost 10% a week and consolidates just below the most important $ 110k resistance.
But the real story starts after passing. As soon as that $ 15 billion of options has disappeared, all those hedges come off and suddenly the market is wide open for new positioning.
Interestingly, this repositioning may already be going on. Bitcoin’s Options Open Interest is just at a record high of $ 51.10 billion, with Deribit that recommends 80% of the current.
Source: Coinglass
As an addition to the momentum, the 24-hour well/call ratio of Deribit has fallen to 0.36, clearly skewed Fresh bullish betsTrade with more than 186,421 new on -call contracts.
This is important. As the old positions relax, which activates a wave of short -term volatility through forced sales or profitable, the influx of new long exposure can absorb liquidity shock.
If that dynamic applies, it could determine the stage for the next breakout bone from Bitcoin while we go to Q3.