Bitcoin Bulls Face Uphill Battle Ahead of $10.5B Options Expiry

[cryptoenthusiast]

BTC Friday call (buy) options at Deribit. Source: Deribit

Bitcoin traders are heading into Friday’s massive $10.5 billion options expiry with bears holding the upper hand. At current levels near $68,800, bulls would need roughly a 9% rally to regain control. Although Bitcoin recently climbed to an eight-day high and formed a double bottom near $62,500, the asset still trades 21% below its level from a month ago — limiting bullish momentum at a critical moment.

On Deribit alone, $4.5 billion in call options and $3.4 billion in puts dominate positioning, giving it a commanding 76% market share. Meanwhile, OKX and CME Group trail behind. Despite calls outnumbering puts overall, most bullish bets sit above $70,000 — meaning a large share could expire worthless unless Bitcoin stages a late surge.

[chainsniff]

10.5 billion expiry and somehow bitcoin will still pick maximum pain just to humble everyone