"Somehow the price wants to make a horizontal movement, that's why it fluctuates in the same place."
Failing to continue the climb, the price of the cryptocurrency king Bitcoin (BTC) fell back below $61,000 after the United States (US) government wallet transferred 3,940 BTC worth $240 million to the Coinbase Prime address.
It is well known that the transfer of a large amount of BTC was originally confiscated from the Silk Road seller, which is the narcotics dealer Banmeet Singh, and then transferred to the wallet mentioned above.
In addition, a total of $9.25 billion in BTC options are set to expire on the morning of June 28 tomorrow, with the June monthly expiry being particularly significant as it marks the end of the first half of 2024 and is historically the second largest expiry in the broader market.
Deribit is the absolute crypto market leader in BTC June options, amounting to $6.65 billion open interest while Chicago Mercantile Exchange (CME) attracted 41.15 billion open interest followed by OKX $735 million and Binance $520 million.
By observation, only $440 million of call options will participate in the expiry if the price of BTC remains traded below the $65,000 level at 8am UTC tomorrow.
It should also be noted that the BTC price increase must be maintained at the $60,000 support zone before the June 28, 2024 expiry to avoid a potential $820 million scenario in favor of put options on Deribit.
Please note that holders who control at least 0.1% of the total BTC supply have increased their holdings by 7,130 BTC in a day with savings worth approximately $436 million.
As of this writing, BTC price has plunged by 1.60% at 461,011 in the last 24 hours with a market cap of $1.2 trillion and a further 6.42% decline over the past week.