The put-call ratio of bitcoin options remains optimistic in anticipation of the quarterly expiry on the last Friday of this month, despite developments that might amplify downside risks for the top cryptocurrency, according to analysts.

Recent developments could intensify selling pressure on bitcoin. The Mt. Gox trustee has announced that repayments to creditors in bitcoin and bitcoin cash are set to start in July. Moreover, German authorities have confiscated 50,000 bitcoin, valued at over $2.1 billion, from a piracy operation, and U.S. spot bitcoin ETFs have experienced their seventh consecutive day of outflows.

Despite these pressures, analysts note that derivative market indicators continue to show sustained bullish sentiment for bitcoin as it approaches the weekly, monthly, and …