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Bitcoin's June selloff has left $8.6 billion in options contracts out of the money, according to data cited by Pluang, raising the stakes ahead of what the firm flagged as large upcoming expiries.
When sizable chunks of the options market sit offside simultaneously, expiry events can trigger cascading hedging unwinds — a mechanism that tends to amplify rather than cushion price moves in either direction.
What Out-of-the-Money Means for Market Structure An option is out of the money when the underlying asset's price sits on the wrong side of the contract's strike price — a call is OTM when $BTC trades below its strike, a put when it trades above.
Holders of these contracts face a binary outcome at expiry: either the market moves back through the strike before the clock runs out, or the premium paid evaporates entirely.
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