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 tokens—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 in open interest. Jean-David Péquignot, Deribit’s chief commercial officer, noted that 38% of those contracts will close out this week. “Max pain price sits at $102,000,” he said, referring to the level where most options would expire worthless. The put/call ratio of 0.73 suggests more traders are betting on upside than downside.
Volatility Cools Off—For Now
After a chaotic April, Bitcoin’s implied volatility has dropped sharply, from 50% to 38% on Deribit’s DVOL index. That might mean traders are feeling a bit more settled about Bitcoin’s role as a hedge, though it’s hard to say for sure. The put-call skews don’t show any strong short-term bets in either direction.
Péquignot pointed to $105,000 as a key level to watch. If Bitcoin falls below that, things could get shaky. But with low open interest in perpetual futures and muted volatility, it doesn’t seem like many are expecting fireworks—at least not before Friday’s expiry.
Crypto Stocks Get a Boost
While Bitcoin idled, some crypto-related stocks saw big moves. Core Scientific (CORZ) shot up over 33% after reports surfaced that AI firm CoreWeave might buy the Bitcoin miner. Others like Coinbase (COIN), Riot Platforms (RIOT), and Hut 8 (HUT) climbed 5%-7%, though MicroStrategy (MSTR) dipped slightly.
It’s a mixed bag, really. The market feels like it’s waiting—for the options expiry, for clearer signals, maybe just for Friday to be over. For now, Bitcoin’s holding its ground. But as always, that could change fast.
