Bitcoin unfazed by $2.6B options expiry, maintains rally toward $100K

On November 22, 2024, approximately $2.67 billion worth of Bitcoin options contracts expired, with a "max pain" point at $85,000. Despite concerns that this significant expiry could lead to a price correction below $85,000, Bitcoin reached an all-time high of $99,523 just 30 minutes before the options expiry. Following the expiry, the price experienced a slight decline, stabilizing around $97,805.

Blake Player, head of growth at VALR, noted that the expiration of these options reflects a reduction in open interest and leverage in the market. He suggested that this decrease in leverage could be beneficial for Bitcoin's ongoing rally toward the $100,000 mark. This perspective aligns with earlier comments from Kris Marszalek, co-founder and CEO of Crypto.com, who emphasized the need for market deleveraging before Bitcoin can surpass $100,000.

The substantial inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) have also contributed to Bitcoin's upward momentum. On November 21, spot Bitcoin ETFs recorded over $1 billion in cumulative net inflows, marking the third-highest day of inflows for the month.

These developments underscore the resilience of Bitcoin's price trajectory, even in the face of significant market events like large-scale options expiries.