Bitcoin ETFs Shed $692M Ahead of $10.6B Options Expiry as BTC Tests $59K
What happened: Bitcoin hovered around $59,100 on June 26, down 6.
What happened: Bitcoin hovered around $59,100 on June 26, down 6.4% for the week, after US spot BTC ETFs saw $691.7 million in outflows—the largest since May. Fidelity’s FBTC and BlackRock’s IBIT led redemptions with $274.5 million and $265.7 million, respectively. Meanwhile, $10.6 billion in BTC options are set to expire on Deribit, representing 37% of total open interest. The max pain level for options is near $72,000, but with spot prices far lower, about 80% of contracts are expected to expire worthless.
Why it matters: The outsized ETF outflows signal institutional caution ahead of the largest quarterly options expiry of the year. The divergence between max pain and spot price undermines the classic max pain theory, suggesting sellers and put-writers are dictating market direction. While some analysts cite regulatory progress and macro policy as potential bullish catalysts, near-term flows point to a risk-off environment.