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Bitcoin options traders are positioning for a potentially market-moving June expiration, with roughly $10.6 billion in contracts set to roll off, according to CoinDesk.
At that scale, the expiry carries enough notional weight to force rapid dealer hedging activity — and with it, short-term turbulence in $BTC spot prices that has little to do with fundamentals.
What Makes an Expiry "Pivotal" Options expirations matter to crypto markets because dealers — the counterparties who sell contracts to traders — continuously hedge their books in the spot or futures market.
As contracts approach settlement, that hedging activity intensifies.
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