币界网报道：Bitcoin's put-call ratio surged to 0.72 ahead of Deribit's $14 billion options expiry on June 27, with 141,271 BTC contracts set to mature. While the rising ratio typically signals bearish sentiment, Deribit's Asia business head Lin Chen noted the increase reflects growing interest in cash-secured puts—a strategy where traders sell put options to generate yield while maintaining stablecoin reserves to potentially acquire BTC at lower prices. About 20% of expiring calls are in-the-money as BTC trades near $106,000, suggesting successful bets aligned with ETF inflows. Wintermute's data shows neutral market positioning, with traders selling $105,000 calls and $100,000 puts, indicating expectations of range-bound trading between $100K-$105K ahead of expiry. The max pain point remains at $102,000, where option buyers would face maximum losses.