According to Deribit data, over $10.6 billion worth of BTC options will expire on June 26, with approximately 80%, or about $8.6 billion, out-of-the-money, and only around 20% in-the-money. @DeribitOfficial's quarterly options typically expire on the last Friday of the quarter at 08:00 UTC, which is around 16:00 Beijing time today. Deribit options are European-style, cash-settled, and automatically settle profits and losses upon expiration without actual BTC delivery. Looking at the current situation, let's see if BTC can stay above $60K before 16:00 this afternoon. If it holds, a short squeeze might occur, pushing the price toward the $61,200-$62,000 target. On the other hand, if it fails to hold above $60K and $60K becomes resistance, a large number of long options will expire worthless. In that case, the options structure, technical setup, and funding dynamics will likely align bearish, and the price may face further downward pressure for a cleanup.