Bitcoin holds near $64,400 as $1.4B options expiry tests support

Bitcoin traded at $64,400 on Friday as 23,400 options contracts worth $1.4 billion expired on Deribit with max pain at $62,000.

Bitcoin held at $64,400 on Friday as 23,400 options contracts worth $1.4 billion expired on Deribit with max pain at $62,000.

The 0.97 put/call ratio showed balanced positioning between bullish and bearish bets, according to Laevitas data. Calls up to $62,500 totaled $137 million while puts above $61,000 reached $121 million, Deribit data showed.

The expiry comes as Bitcoin diverges from weakening equity futures, with the Nasdaq-100 sitting 4% below its all-time high while BTC retests Monday's rejection zone near $64,400. US 10-year Treasury yields approaching 4.6% have pressured risk assets, though Wednesday's $85 million in spot Bitcoin ETF outflows — ending a three-day inflow run — did not confirm a reversal in institutional demand, data from the issuers showed.

A move above $63,500 by the 8:00 UTC settlement would give bulls a $190 million advantage, while bears hold a smaller $100 million edge below $61,000. With weekend liquidity approaching and crude oil prices declining on a temporary Middle East truce, the macro backdrop could shift capital from fixed income into risk markets, potentially strengthening Bitcoin's $62,000 support level.

The options expiry setup reflects a market that has priced in limited downside near current levels. Put buying has remained restrained in recent sessions, with call volume outpacing puts over the past four days, per Laevitas. That pattern suggests traders are not hedging aggressively for a breakdown below $62,000.

Bitcoin's resilience comes as headwinds from the bond market persist. The 10-year Treasury yield's climb toward 4.6% reflects investor anxiety over US government debt expansion and the prospect of further monetary policy easing to avert a recession. The AI sector's continued strength — with Arm Holdings gaining 10%, Advanced Micro Devices rallying 7% and Micron rising 7% on Thursday — has pulled capital toward equities, draining some demand from alternative assets.

A temporary truce in the Middle East could ease recession fears and reduce safe-haven demand for fixed income, potentially redirecting capital into risk-on assets including cryptocurrencies. Conversely, an escalation involving Iran that pushes oil prices higher would add to inflationary pressure and keep Treasury yields elevated, maintaining headwinds for Bitcoin.

Traders are watching whether Treasury yields subside over the coming week and whether the $62,000 support level holds through the weekend. The balanced options positioning gives neither bulls nor bears a clear edge heading into settlement, leaving the next directional move dependent on macro catalysts.

This article is for informational purposes only and does not constitute investment advice.