A significant $9.25 billion worth of Bitcoin (BTC) options are set to expire on June 28, marking the end of the first half of 2024. This expiry is crucial as it is historically the second largest in all markets, including traditional finance. Concerns arise as tech giant NVidia has seen a 12% decline since its peak on June 20. Despite bullish bets placed at $70,000 or higher post-Bitcoin halving, recent market weakness has rendered these options worthless. Macro data supports Bitcoin bulls, with potential aggressive rate cuts and stimulus campaigns. Market dynamics resembling 2021 hint at a possible bear market, urging more participation for sustainability. Deribit leads the June BTC options market with $6.65 billion open interest. The put-to-call ratio suggests an imbalance, with scenarios indicating the need to maintain $60,000 support to avoid unfavorable outcomes on June 28. Read more AI-generated news on: https://app.chaingpt.org/news
