Bitcoin slipped toward $72,500 on Thursday, its lowest level in six weeks, as traders positioned for a $9 billion options expiry on Friday that is skewed toward bearish bets. The drop triggered about $342 million in long liquidations and kept prices capped below $74,000, amid continued outflows from spot exchange-traded funds (ETFs) and corporate selling.
Bearish tilt in options market
Deribit holds roughly 70% of this month’s options open interest, with $3.4 billion in call contracts and $2.91 billion in puts, according to market data.
If Bitcoin remains below $74,000 at Friday’s expiry, only about $306 million in call options would expire in the money, compared with $1.05 billion in profitable put positions. That structure creates a sizable payoff advantage for traders positioned for lower prices.
Even if Bitcoin briefly reclaims $74,000 before expiry, downside exposure would still exceed calls by around $265 million.
On Thursday, the put-to-call trading ratio stood at 0.8, reflecting $1.57 billion in call trades versus $1.29 billion in puts. That is a shift from the prior week, when demand for downside protection had been stronger.
Limited upside pricing for June
Pricing for near-term upside remained subdued. The $80,000 call option expiring on June 26 traded at about 0.0103 BTC, or roughly $757, implying an estimated 18% probability that Bitcoin will reach that level by then.
Analysts linked the cautious stance in options to $1.07 billion in outflows from U.S.-listed spot Bitcoin ETFs over the past two sessions. These withdrawals force the funds to sell underlying Bitcoin, adding to spot market pressure.
Corporate holdings cut back
Corporate activity has added to signs of waning institutional participation.
Paris-based Sequans Communications said Thursday it would liquidate all Bitcoin holdings, reversing its previous accumulation strategy. Several listed mining companies have also reduced exposure in recent weeks, as has Trump Media and Technology Group, according to public disclosures.
Such moves point to a broader shift in corporate treasury policy away from Bitcoin, whether for liquidity needs, profit-taking, or risk-management reasons.
Rising volatility risk around expiry
The concentration of open interest around key strike prices raises the risk of sharp price swings as Friday’s 8:00 a.m. UTC expiry approaches.
When large options positions roll off, price action can cluster near heavily traded strikes, effectively “pinning” the market until settlement. Once contracts expire, that technical pressure can ease, sometimes allowing a clearer trend to emerge.
Long liquidations have already contributed to downside momentum. As leveraged bullish positions hit margin thresholds, automatic sell orders are triggered, accelerating declines and flushing out overextended traders. This process can occasionally precede a period of stabilization if selling exhausts.
Cautious outlook beyond $74,000
For now, market dynamics indicate bears hold the upper hand going into expiry. Persistent ETF outflows, corporate sales, and the current options skew all point to a cautious stance among larger market participants.
How Bitcoin trades after the Friday settlement will be closely watched. A failure to reclaim and hold levels above $74,000 would reinforce the view that negative sentiment and structural selling pressure remain dominant in the short term.
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