Bitcoin traded near $61,000 ahead of a roughly $10 billion quarterly options expiry, far below the widely cited $72,000 "max pain" level. The gap is prompting analysts to question the reliability of the max pain theory.

Your day-ahead look for June 23, 2026

Over $10.6 billion in Bitcoin options expire June 26 with 80% of positions out-of-the-money, raising concerns about selling pressure and short-term