Bitcoin hovers near $62,900 as $1.1B short overhang looms

Bitcoin enters the weekend within 1 percent of its July 31 low, with a $1.1 billion short overhang that could accelerate any break above $62,000.

Bitcoin entered the weekend near $62,900, less than 1 percent above the July 31 intraday low, after Deribit settled roughly $9.6 billion in monthly options at 08:00 UTC Friday.

Greeks.live reported the expiry covered 149,000 Bitcoin contracts with a 0.28 put-call ratio and $64,000 max pain, while a separate PerpFinder snapshot placed total notional open interest at $9.45 billion.

The settlement removed a large block of expiring exposure, yet spot demand failed to follow. Bitcoin traded within a 24-hour range of roughly $63,787 to $65,305 into settlement, then slipped below $63,000, printing $62,478 by mid-morning, down 3 percent over 24 hours.

A $1.1 billion short overhang now sits above the market, such that a break above $62,000 over the weekend could trigger a cascade of liquidations pulling Bitcoin toward $60,000.

Call-heavy positioning expired worthless

The low 0.28 put-call ratio read bullish on the surface, but call open interest was concentrated far above spot, with a dense cluster at the $70,000 and $72,000 strikes. Those contracts expired worthless — Bitcoin never traded within $4,700 of the lower strike during the settlement week. Greeks.live said "the conditions for a rally are not in place," citing limited capital inflows and weak follow-through when U.S. equities rebounded.

ETF flows and $65,000 resistance shape the next move

The expiry arrived as spot Bitcoin ETF demand showed signs of recovery. U.S. funds received $233.1 million on July 30, led by BlackRock's IBIT with $183.4 million, though flows had alternated between gains and withdrawals earlier in the week. Bitcoin remained below the heavy trading area above $65,000, briefly touching a 24-hour high above $65,300 before returning below $64,000. Market capitalization sits near $1.33 trillion with Bitcoin dominance at 60 percent, while 24-hour volume ran between $26.8 billion and $31.3 billion depending on the venue.

Traders will next monitor whether positions roll into the August 28 monthly expiry, where Deribit data showed about $3.15 billion already in Bitcoin options, while the September 25 expiry carried roughly $6.22 billion. A sustained move above $65,000, stronger spot volume and several consecutive ETF inflow sessions would provide clearer evidence of improving demand. Without those conditions, the July settlement mainly removed a large block of expiring exposure while leaving Bitcoin's wider trading range unresolved.

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