Is Bitcoin Options Expiry Putting a $76K Threshold in Market Focus?
Bitcoin trades below key cost levels as Deribit options expiry nears, with traders watching the $76K max pain level. Ethereum ETF outflows add pressure as inflation and geopolitical risks unsettle crypto markets before settlement today.
Bitcoin is trading below key cost levels, including the Short-Term Holder Cost Basis of $78,900 and the True Market Mean of $78,000, suggesting many recent buyers hold unrealized losses. About 23,000 Bitcoin options contracts worth $1.74 billion are set to expire today on Deribit, with a put-call ratio of 1.10, indicating more bearish bets. The max pain price is $76,000, and Bitcoin traded near $77,200. Ethereum also faces pressure, with over 175,000 ETH options worth $400 million expiring today. Ethereum ETFs have extended their losing streak to four days, losing nearly $184 million, with outflows accelerating on April 29 to $87.7 million. Broader market risks, including U.S. PCE inflation reaching a three-year high of 3.5% and geopolitical tensions, have shaped crypto trading.
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