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The Bitcoin price started falling 30 minutes before the options expiry, but market watchers don’t expect significant downside.
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Bitcoin remains on track to the $100,000 mark despite investor concerns about Friday’s near $2.7 billion options expiry, which threatened a correction below $85,000.
Over $2.67 billion worth of Bitcoin (BTC) options contracts expired on Nov. 22 at 8:00 am UTC, with a “max pain” point of $85,000, according to a Nov. 21 X post from Deribit exchange.
Options expiry. Source: Deribit
Bitcoin rose to an all-time high of $99,523 at 7:30 am UTC, just 30 minutes ahead of the options expiry, before it started falling to the current $97,805, Cointelegraph data shows.
BTC/USD, 1-day chart. Source: Cointelegraph
Despite the short-term correction, the expiration of the $2.6 billion Bitcoin options shouldn’t have a drastic impact on Bitcoin’s currency rally, according to Blake Player, head of growth at VALR.
He told Cointelegraph:
“Options expiring reflects a reduction in open interest and correspondingly leverage in the market. I don’t expect this to have a significant impact on price as those looking to stay long or short are able to purchase new options or take out positions elsewhere.”
Decreasing leverage in crypto markets could be a net positive for Bitcoin’s rally. On Nov. 12, Kris Marszalek, the co-founder and CEO of Crypto.com, warned that the crypto market will need deleveraging before Bitcoin can breach $100,000.
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Bitcoin is inching toward $100,000, bolstered by over $1 billion ETF inflows
On Nov. 22, stablecoin flows to crypto exchanges reached a record monthly high of over $9.7 billion, flashing another optimistic signal for Bitcoin’s price trajectory leading up to 2025.
Increasingly more analysts expect Bitcoin to breach the $100,000 all-time high, which could occur before the end of November, according to Ryan Lee, chief analyst at Bitget Research.
The positive inflows into the US spot Bitcoin exchange-traded funds (ETFs) are also contributing to Bitcoin’s rally to new all-time highs.
Bitcoin ETF Flow (USD, million) Source: Farside Investors
On Nov. 21, the spot Bitcoin ETFs recorded over $1 billion worth of cumulative net inflows, which marks the third-highest day of inflows for the month, Farside Investors data shows.
Related: US Bitcoin reserve during Trump presidency could pump BTC to $1M
While Bitcoin is expected to reach $110,000 in the long term, timing its next big move remains difficult, according to Szymon Sypniewicz, co-founder and CEO of Ramp Network.
He told Cointelegraph:
“While reaching $110,000 for Bitcoin seems inevitable at some point, it’s uncertain whether it will happen before the end of the year, as we can expect the market to experience some ups and downs along the way.”
Meanwhile, Bitcoin continues its record climb. On Nov. 22, the Bitcoin price printed a record monthly candle of over 40% as BTC breached $99,000, with eight more days remaining from November — historically the best month for Bitcoin’s returns.
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This article first appeared at Cointelegraph.com News
