The option of $ 14 billion in Bitcoin is approaching: What does Put-Call narrative tell?
On Friday, June 27, Deribit will fill a total of 141,271 BTC options (about $ 14 billion). Although the Put-Call ratio seems to be the expectation of a decrease by increasing to 0.72, the main reason is the “Cash-Secared Put” strategy used by corporate investors. This tactic, both premiums and offers the opportunity to collect BTC in decreases. As the maturity date approaches, the market moves wavy between $ 100k - $ 105k; Max Pain level is $ 102,000.
Bitcoin’s options to expire on Friday, June 27, have an open position of 141,271 BTC (approximately $ 14 billion). This constitutes more than 40 %of the total open position on the Deribit stock exchange.
81,994 contract call (purchase option)
The rest is idol (selling option)
Approximately 20 %are profitable (in-the-money).
📈 Why is Put-Call ratio increases?
The Put-Call ratio increased from 0.5 to 0.72 in the average of 2024. Traditionally, this increase is perceived as a decrease expectation, but this time the table is different:
“There is a large extent behind the increase, ‘Cash-Secared Put’ strategy,“-Lin Chen, Deribit Asia Director.
With this strategy, investors gain the premium by assumed the obligation to purchase if the BTC falls, and if it does not fall, the premium remains.
🔍 Technical Details: Maturity, Max Pain and Critical December
Maturity Date: 27 June 2025, 08:00 UTC
Max Pain Level: $ 102,000
Spot Price: ~ $ 106,000
Most Open Position: $ 300 Call (a very optimistic target)
👉 “Max Pain” represents the level that option buyers will suffer the most.
🎯 Investor strategies: Protection against volatility
Inputs to BTC ETFs increase the possibility of profitable Call receivers to position or rollover.
Market makers sell $ 105k call, $ 100k idol.
Straddle sales stand out (expectation of low volatility).
“We expect increasing volatility because this quarter closure is.” - Lin Chen.
Although the increasing Put-Call ratio seems to be a decrease signal at first glance, it actually shows more sophisticated strategies that investors use to collect BTC at certain intervals and gain premiums. In particular, the use of such option tactics, especially the corporate investor, shows that the option market is now rather than risk management and income production.
