Approximately $10 billion in Bitcoin options are set to expire on Friday on Deribit, representing about 37% of the current total open interest. The put/call ratio is at 0.83, suggesting bullish bets still dominate, though many call options are out-of-the-money. Bearish bets, concentrated in the $60,000 to $75,000 range, are more likely to profit. Deribit CCO Jean-David Pequignot noted that the options portfolio, structured for medium-term high prices, faces challenges due to declining spot prices. The market is under pressure with U.S. Bitcoin funds experiencing nearly $3 billion in net outflows in June. Rising rate-hike expectations are further impacting risk assets. Adam Haeems of Tesseract Group highlighted that quarter-end liquidity is thin, potentially leading to volatile price movements before stabilizing post-expiry.