Bitcoin Tests $59K as ETFs Shed $692M, Options Expiry Looms
Bitcoin fell below $59,000 as renewed selling in U.S. spot Bitcoin ETFs and a major options expiry pressured the market. BTC traded near $59,100, down 6.4% on the week and about 53% below its October peak, with its market cap near $1.18 trillion. U.S. spot Bitcoin ETFs saw about $691 million in outflows in one day, and annual ETF accumulation has slowed to nearly zero, reducing a key source of demand. About $10.6 billion in Bitcoin options expire on Deribit, with roughly 80% expected to expire worthless unless BTC recovers toward the $72,000 max-pain level. More than $1.1 billion in crypto liquidations hit leveraged traders, mostly longs. The drop reflects a weaker macro backdrop, including higher-for-longer rate expectations. Analysts say $60,000 is the key support level; a break could deepen losses, while a defense could stabilize sentiment.
