Bitcoin Holds Steady Ahead of Major Options Expiry
Bitcoin barely moved during U.S. trading hours Thursday, hovering around $107,500 as traders braced for a big options expiry the next day. The price dipped just 0.2% over 24 hours, while the broader CoinDesk 20 index—which tracks major cryptocurrencies—slipped almost 1%. Not much drama, at least for now.
Friday’s options expiry on Deribit is shaping up to be one of the largest this year, with $40 billion worth of Bitcoin contracts set to close. Jean-David Péquignot, Deribit’s chief commercial officer, pointed out that 38% of those will expire this week. “Max pain price is sitting at $102,000,” he said, referring to the level where most options would lose value. The put/call ratio, at 0.73, suggests more traders are betting on a rise than a drop—but not by a huge margin.
Volatility Cools Off—For Now
After a chaotic April, Bitcoin’s implied volatility has settled down, dropping from 50% to 38% on Deribit’s DVOL index. That might mean traders are feeling a bit more confident about Bitcoin’s role as a hedge, though Péquignot cautioned that short-term positioning isn’t showing any clear direction.
The $105,000 level is the one to watch, he added. If Bitcoin slips below that, things could get shaky. But right now, open interest in perpetual futures is low, and volatility expectations seem muted. It’s almost like the market is holding its breath.
Crypto Stocks Make Moves
While Bitcoin itself was quiet, some crypto-related stocks had a surprisingly good day. Core Scientific (CORZ) shot up over 33% after rumors swirled that AI firm CoreWeave might buy the Bitcoin miner. Other names like Coinbase (COIN), Riot Platforms (RIOT), and Hut 8 (HUT) climbed 5% to 7%, though MicroStrategy (MSTR) dipped slightly.
It’s hard to say whether this stock movement means much for Bitcoin itself. Maybe it’s just a blip, or maybe traders are betting on a bigger shift. Either way, Friday’s options expiry could shake things up—or leave everyone waiting for the next catalyst.
For now, the market seems content to tread water. But as anyone in crypto knows, that can change fast.
