Deribit Exchange Reports $21B Options Expiry as Bitcoin Defends $109K Support Level

Bitcoin maintains its position at $109,000 as $21 billion in cryptocurrency options approach expiration on Deribit exchange. Market data reveals $17 billion in BTC contracts specifically, with a notable concentration of bullish positions elevating the significance of Friday's quarterly event—historically known for triggering volatility. BTC showed a modest 0.2% intraday gain but remains 5% down for the week, reflecting broader cryptocurrency market weakness.

Ethereum, XRP, and alternative cryptocurrencies followed Bitcoin's downward trend, intensifying risk-off sentiment among traders. Analyst Ted (@TedPillows) identifies $107,000 as Bitcoin's critical support level—maintaining this threshold could initiate a rebound toward $112,000, while a breach might precipitate a decline to $101,000. Maximum pain points stand at $110,000 for BTC and $3,700 for ETH, with derivatives liquidations suggesting potential market turbulence ahead.