Deribit Exchange Sees $14B Bitcoin Options Expiry Amid Macro Selloff
Bitcoin fell below $68,000 as $14.16 billion in BTC options expired on Deribit, adding pressure from rising oil prices and Treasury yields. The selloff accelerated as Brent crude surpassed $105 and hopes for rate cuts diminished, with Ethereum following the drop to below $2,000.
The expiration—accounting for 40% of Deribit's open interest—aligned with a broader shift away from risk tied to Middle East tensions. Market mechanics amplified the move: Deribit's settlement price is based on a 30-minute weighted average of 450 data points, making last-minute volatility especially impactful.
Crypto assets broadly moved lower alongside equities, with traders noting concentrated gamma exposure around key strike prices. While the expiration clears some market overhang, it leaves a weakened technical outlook—Bitcoin's 4% weekly decline now tests crucial support at $66,200.
