Deribit Exchange Sees Record $16.4B Options Expiry Amid Bitcoin Sell-Off
Bitcoin's price tumbled below $66,000, marking a 4% drop in 24 hours and a 48% decline from its October all-time high. The sell-off coincided with $189 million in futures liquidations, predominantly long positions, as geopolitical tensions between the US and Iran rattled markets.
Traditional assets mirrored the downturn, with gold and silver shedding 20% and 45% from peaks while tech stocks fell up to 34%. Rising oil prices above $99/barrel compounded inflationary pressures, leaving the Federal Reserve in a policy bind with inflation stubbornly at 3%.
The crypto market faced additional pressure from $16.4 billion in BTC and ETH derivatives expiring on Deribit - the largest single-day settlement this year. This triggered $306 million in net outflows from spot Bitcoin ETFs over two days as institutional sentiment turned cautious.
