Bitcoin Holds Below $90K Ahead Of Its Largest Options Expiry On Record – Analyst Warns Of ‘Artificial Pressure’

• Bitcoin held below $90,000 as the record $23.8 billion options expire, which analysts say are over 1% of the total market cap.
• Ethereum led liquidations despite small gains, while SOL, DOGE, ADA, and BNB experienced long-heavy unwinds.
• About $190 to $ 195 million in total crypto liquidations were seen in the market, signaling that positioning was being cleared ahead of expiry, setting the stage for larger post-expiry moves.

Bitcoin (BTC) was trading at $88,800-$88,900, up about 1.2% in the last 24 hours, according to CoinGecko data. The asset remained closely trapped below $90,000, showing strong derivatives positioning ahead of the record $23.8 billion Bitcoin option expiry on Friday.

According to market participants, this expiry accounts for more than 1% of Bitcoin's entire market capitalization, making it the largest notional options event in BTC history. Analysts identified gamma pinning in the $85,000- $90,000 band, where dealer hedging activity has dampened directional movements in recent weeks. Gamma pining happens when an asset’s price gets ‘stuck’ near an options strike, close to expiry. 

According to analyst Quinten François, these massive options holdings have driven market makers to continually buy and sell spot Bitcoin, anchoring price movement near $90,000. He stated that this artificial pressure is projected to fade after the expiry date, potentially allowing for bigger price movements. 

On CoinGlass, Bitcoin saw about $75–76 million in liquidations over the span of a day, with shorts exceeding longs. It indicates that attempts to go higher have continued to put pressure on bearish positions. On Stocktwits, Bitcoin was trending in the 9th position, with retail sentiment around it changing to ‘bearish’ from ‘extremely bearish’ over the past day. Chatter around the coin remained at ‘low’ levels over the past day. 

Altcoins Lag Under Dominance Pressure

Bitcoin's dominance remained firm in the mid-50% area, while altcoins continued to sink.

Ethereum (ETH) was trading at roughly $2,960, up about 0.5% for the day. ETH had the most liquidations among major tokens, with almost $30 million in liquidations over 24 hours, mostly from long positions. 

Among the major altcoins, Ethereum remained in the green. Data show that positioning remained packed even as prices stayed within a range. On Stocktwits, retail sentiment around Ethereum stayed in ‘bearish’ territory, with ‘normal’ levels of chatter over the past day. 

Solana (SOL) was trading at roughly $123, which is up about 0.1% in the last 24 hours. CoinGlass data show that Solana had over $10.7 million in liquidations, with $8.45 million from long positions and $1.84 million from short positions. On Stocktwits, retail sentiment around Solana was in the ‘bearish’ zone, accompanied by ‘low’ levels of chatter over the day. 

Ripple’s native token XRP (XRP) stayed at $1.86, 0.5% higher than the day before. Liquidations stayed pretty low at around $4.16 million, with $2.94 million in longs and $1.22 million in shorts. This suggests that there was less speculative pressure than with other large-cap tokens. On Stocktwits, XRP sentiment remained in an ‘extremely bearish’ zone, with ‘low’ levels of chatter.

Dogecoin (DOGE) was trading at about $0.126, down about 2.4% in the last 24 hours, which is worse than other major currencies. Data on liquidations showed about $3.45 million in total liquidations, with $3.03 million from long holdings and $0.50 million from shorts. On Stocktwits, retail sentiment surrounding Dogecoin remained in the ‘bearish’ zone, with chatter remaining at ‘low’ levels.

Binance Coin (BNB) was trading at $838, about 0.7% lower over the last 24 hours. Liquidations remained at $0.53 million, with $0.45 million in longs and $0.08 million in shorts. On Stocktwits, sentiment around BNB remained in ‘bearish’ territory, with chatter levels rising from ‘low’ to ‘normal’ over the past day.

Cardano (ADA) fell roughly 2.3% in the last 24 hours, nearing $0.35. ADA saw roughly $1.94 million in liquidations, driven mainly by $1.74 million in long liquidations, which is consistent with broader de-risking across altcoins as traders lowered exposure ahead of the significant Bitcoin option expiry. On Stocktwits, retail sentiment around Cardano dipped further into extremely bearish territory, with chatter at ‘high’ levels.

TRON (TRX) was trading around $0.28, down about 0.1% for the day. Liquidation activity was low, at around $72,800, indicating limited speculative leverage. On Stocktwits, retail sentiment around Tron remained in the ‘bearish’ zone, while chatter remained ‘normal’.

The total amount of crypto market liquidations over the last 24 hours was around $190–$ 195 million, indicating that the leverage reset was active.

Read also: Arizona Advances Bill To Exempt Bitcoin, Crypto From Property Taxes

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