Bitcoin dipped to around $59,400 on the back of $691 million in spot ETF outflows—the largest single-day exodus since May—as traders brace for a $10.6 billion options expiration set for Friday.
The timing matters. Options expirations often create mechanical pressure on prices as market makers and traders unwind hedges and adjust positions. Friday's expiry is substantial enough that its resolution could influence short-term price action, though it remains unclear whether current weakness signals genuine demand destruction or tactical repositioning ahead of the event.
Spot Bitcoin ETF outflows have picked up pace in recent weeks. The $691 million departure contrasts sharply with the inflows that dominated much of 2024, when U.S. spot Bitcoin ETFs saw steady capital entry following their January approval. That reversal suggests either profit-taking at higher price levels or caution ahead of the expiration window.
Market data shows Bitcoin trading near $61,857 at publication, meaning the asset has reclaimed some ground from its $59,400 low. Whether the price holds above that level through Friday's expiration will likely shape near-term momentum. Support around $61,000 to $62,000 has held in recent weeks, though a sustained break below $59,000 could trigger further liquidations.