Bitcoin Derivatives See $15 Billion Drop Amid Quarterly Expiry

Bitcoin Derivatives Open Interest Decline

Bitcoin derivatives open interest experienced a record decline in June 2025, with over $15 billion wiped out across major exchanges such as Binance, OKX, and Bybit. The event marks the most significant adjustment of the year.

The event underscores a structural repositioning at quarter-end, reflecting ongoing volatility in cryptocurrency markets. The absence of panic indicates a rotation instead of a crisis.

Quarter-End Realignment

The end of June 2025 saw a significant realignment in Bitcoin derivatives, with $15 billion wiped from open interest. This adjustment was the largest of the year, occurring during a record options expiry that involved major crypto exchanges. Binance, OKX, and Bybit were at the center of the event, hosting most of the affected futures and options contracts. Though they usually comment on market dynamics, neither the exchanges’ executives nor Bitcoin market leaders like Arthur Hayes and Changpeng Zhao have issued statements.

The market adjustment led to an immediate 10% drop in Bitcoin open interest, causing the price to hover around $107,000. However, trading volumes and blockchain metrics displayed stability, reflecting a resilient pivot rather than panic liquidation. Institutional traders and proprietary trading desks were primary drivers behind the repositioning, a common occurrence during quarter-end expiry events.

This realignment could precede a new uptrend, historical patterns suggest. Analysts point to past resets that paved the way for short-to-medium-term gains. “This can be considered as a natural market reset, an essential phase for sustaining a bullish continuation… each past deleveraging like this has provided good opportunities for the short to medium term,” said DarkFost, Markets Analyst at CryptoQuant .

On-chain data did not signal drastic changes in underlying Bitcoin activity. However, the event reflects ongoing market volatility dynamics. Potential outcomes include further volatility in crypto markets, especially in Bitcoin and Ethereum derivatives. Although fundamental blockchain metrics remain stable, implications for the broader financial ecosystem and potential regulatory actions remain topics of interest for stakeholders. A comprehensive understanding hinges on tracking evolving market narratives and official communications from leading exchanges and regulators.