Bitcoin (BTC) has been trading in a narrow range around $107,500 ahead of one of the largest options expiries of the year scheduled for Friday. Around $15 billion worth of Bitcoin options contracts are set to expire out of a total open interest of $40 billion on Deribit, a leading crypto derivatives exchange.
Experts highlight the max pain price—where most options contracts would expire worthless—is $102,000, with a put-call ratio of 0.73, indicating only slight bearish sentiment among traders. Bitcoin’s implied volatility has decreased significantly to 38%, the lowest since October 2023, suggesting muted expectations for sharp price fluctuations in the short term.
Institutional interest in Bitcoin derivatives has been rising, with Q2 volumes up approximately 25% above last year’s averages, reflecting the growing maturity of the institutional market. While the spot price remains steady, technical analysis points to $105,000 as a pivotal support level. Failure to hold this level could invite caution among traders.
Several crypto-related stocks have seen gains recently, notably Core Scientific (CORZ) soaring over 33% on acquisition rumors by AI Hyperscaler CoreWeave (CRWV). Other miner and crypto company stocks like Circle (CRCL), Coinbase (COIN), Riot Platforms (RIOT), and Hut 8 (HUT) posted 5%-7% gains, contrasting with Strategy (MSTR) slipping almost 1%.
Analysts suggest that while the upcoming options expiry may cause low volatility during regular trading hours, a breakout above $110,000 post-expiry could trigger fresh bullish momentum. Increased call option volumes around out-of-the-money strike prices would signal trader optimism for a possible new all-time high above $111,814. Conversely, rising put volumes below the current price would indicate trader expectations of a short-term pullback.
