A combination of fund withdrawals and unfavorable options positioning is pressuring Bitcoin as traders brace for a major quarterly settlement. The cryptocurrency slipped into the low $60,000s ahead of a $10.6 billion options expiry scheduled for June 26, with market participants watching whether buyers step in to defend the level. The decline coincides with $469 million in outflows from spot Bitcoin exchange-traded funds, signaling weakening institutional demand. Negative gamma exposure among dealers is also amplifying price swings, contributing to fragile sentiment across the market. Such positioning can force market makers to sell into falling prices and buy into rising ones, increasing volatility around large expiry events. With limited buying support evident, analysts are closely monitoring the $60,000 threshold as a key indicator of near-term direction heading into the settlement date.
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