{"id":74668,"date":"2026-06-28T15:08:16","date_gmt":"2026-06-28T15:08:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cme-puts-dominate-bitcoin-options-as-traders-bet-against-60k-floor\/"},"modified":"2026-06-28T15:08:16","modified_gmt":"2026-06-28T15:08:16","slug":"cme-puts-dominate-bitcoin-options-as-traders-bet-against-60k-floor","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cme-puts-dominate-bitcoin-options-as-traders-bet-against-60k-floor\/","title":{"rendered":"CME Puts Dominate Bitcoin Options as Traders Bet Against $60K Floor"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Deribit holds $7.53B in BTC options notional value for the Sept. 2026 expiry, with max pain near $74,000.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Bitcoin futures OI fell to $42.6B as Binance leads with $8.3B and CME holds $6.33B in regulated exposure.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">CME put OI outweighs calls at multi-month lows, signaling institutional hedgers stayed defensive through June 2026.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>At 10 a.m. EST on June 28, 2026, <span>bitcoin<\/span> traded at $60,041 per coin. The timing is not coincidental. Across Deribit, Binance, and OKX, max pain levels converge near $60,000, meaning that is the price at which the largest number of options contracts expire worthless, inflicting the maximum financial pain on options holders.<\/p>\n<h2>Futures Open Interest Falls Across the Board<\/h2>\n<p>Total <span>bitcoin<\/span> futures <a href=\"https:\/\/www.coinglass.com\/open-interest\/BTC\" target=\"_blank\" rel=\"noopener noreferrer\">open interest<\/a> (OI) across exchanges stands at approximately $42.6 billion in USD terms, well below the cycle peak near $95 billion hit in late 2025. The decline in OI mirrors <span>bitcoin<\/span>\u2019s price retreat from its all-time high above $126,000 last October.<\/p>\n<p>Binance leads all exchanges with 138.09K <span>BTC<\/span> in futures open interest worth $8.30 billion, holding an 18.67% market share. CME comes in second with 105.27K <span>BTC<\/span> at $6.33 billion, reflecting a persistent institutional presence in regulated futures. MEXC ranks third by <span>BTC<\/span> <span>volume<\/span> at 81.26K <span>BTC<\/span> worth $4.89 billion.<\/p>\n<figure id=\"attachment_826906\" aria-describedby=\"caption-attachment-826906\" style=\"width:2560px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-826906\" class=\"wp-caption-text\"> <span>Bitcoin<\/span> futures open interest across all exchanges via Coinglass.<\/figcaption><\/figure>\n<p>OI changes across the 24-hour window were broadly negative. Binance dropped 1.29%, Bybit fell 1.31%, and Bitget slid 1.50%. BingX posted the sharpest decline at negative 38.18% over 24 hours, though that figure likely reflects a position cleanup rather than broad market selling. Kucoin managed to buck the trend, posting a 7.99% increase in OI over 24 hours.<\/p>\n<p>Coinglass data shows that the OI-to-24h- <span>volume<\/span> ratio across exchanges sits near typical ranges, with the decentralized perps exchange <a href=\"https:\/\/news.bitcoin.com\/bitwise-stakes-114-million-hype-hyperliquid-etf\/\">Hyperliquid<\/a> posting the highest ratio at 1.9865, indicating proportionally elevated trading relative to open positions.<\/p>\n<h2>Options Market: Calls Lead Open Interest, Puts Lead Volume<\/h2>\n<p>On the options side, Coinglass metrics show that the split between calls and puts tells a nuanced story. Total <span>BTC<\/span> options open interest on <a href=\"https:\/\/news.bitcoin.com\/coinbase-finalizes-deribit-acquisition-to-lead-global-crypto-derivatives-market\/\">Deribit<\/a> shows a clear call bias: 241,010 <span>BTC<\/span> in calls (60.41%) versus 157,934 <span>BTC<\/span> in puts (39.59%). That skew suggests traders positioned for upside over longer horizons.<\/p>\n<p><span style=\"font-weight:400\">Over the past 24 hours, <span>trading volume<\/span> between calls and puts was nearly even, with puts edging ahead at 50.87% versus 49.13% for calls. The most actively traded contracts on Deribit were bets that <span>bitcoin<\/span> would fall below $57,000 and $57,500 by today\u2019s close, a sign that traders were paying to protect themselves heading into the next expiry.<\/span><\/p>\n<p><span style=\"font-weight:400\">Looking further out, the biggest single positions in the options market are bets that <span>bitcoin<\/span> reaches $80,000 by July 31 and again by December 25. Those contracts hold 7,001 <span>BTC<\/span> and 6,605 <span>BTC<\/span> respectively, suggesting that while near-term sentiment is cautious, a meaningful chunk of the market is still positioned for a significant price recovery before year-end.<\/span><\/p>\n<h2>CME Options OI Hits a Yearly Low<\/h2>\n<p><a href=\"https:\/\/news.bitcoin.com\/cmes-terrence-duffy-targets-cftc-perps-approval-as-kalshi-volume-tops-3b\/\">CME<\/a> <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> options open interest has declined sharply since the November 2025 peak. <a href=\"https:\/\/cryptoquant.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Cryptoquant<\/a> data shows total CME options OI dropped to its lowest levels of the past year, with puts consistently outpacing calls in notional USD value since late 2025. The call OI at CME is minimal compared to the put stack, a signal that institutional hedgers on the regulated exchange have been leaning defensive as price declined from six-figure territory.<\/p>\n<h2>Max Pain Levels: Deribit, Binance, OKX All Point to $60K<\/h2>\n<p>Deribit\u2019s max pain line for the June 25, 2027, quarterly expiry sits near $60,000, with notional value on that contract just over $2 billion. The September 2026 expiry carries the highest notional value at $7.53 billion, with a max pain level approaching $74,000 on the Deribit curve, the most consequential expiry on the board.<\/p>\n<p> <iframe src=\"https:\/\/markets.bitcoin.com\/crypto\/bitcoin\/embed\" width=\"100%\" style=\"max-height:500px;height:500px;border:none;overflow:hidden;border-radius:4px\" scrolling=\"no\" title=\"bitcoin market data\"><\/iframe> <\/p>\n<p>Binance max pain for today\u2019s expiry stands at approximately $40,000, with the July 31, 2026, contract showing a max pain near $65,000 and roughly $400 million in notional value. OKX max pain for the near-term contracts clusters between $50,000 and $60,000, with the March 2027 expiry showing the highest max pain near $75,000 and $747 million in notional value.<\/p>\n<h2>What This Means for Traders<\/h2>\n<p>With <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> sitting almost exactly at today\u2019s max pain price and futures OI at multi-month lows, the market is entering a period of reduced <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-leverage-in-crypto-trading\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">leverage<\/a>. Positioning has thinned considerably since the peak. That can cut both ways: lighter OI reduces the fuel for forced <a href=\"http:\/\/www.bitcoin.com\/get-started\/understanding-liquidation-on-perp-dex\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">liquidation<\/a> cascades, but it also signals that speculative conviction has left the market for now.<\/p>\n<p>The September 2026 Deribit expiry, carrying $7.53 billion in notional value and a max pain near $74,000, gives traders a clear medium-term reference point to watch.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/cme-puts-dominate-bitcoin-options-as-traders-bet-against-60k-floor\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Deribit holds $7.53B in BTC options notional value for the Sept. 2026 expiry, with max pain near $74,000. Bitcoin futures OI fell to $42.6B as Binance leads with $8.3B and CME holds $6.33B in regulated exposure. CME put OI outweighs calls at multi-month lows, signaling institutional [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":74669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74668"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74668"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74669"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}