Bitcoin ETF · Bitcoin · Decrypt
Bitcoin Tests $59K as ETFs Shed $692M, Options Expiry Looms
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Bitcoin dipped below $59,000 Friday morning, dragged down by a fresh wave of ETF selling as one of the year's biggest options expiries comes due.
Key facts
- The largest cryptocurrency was trading around $59,100 on Friday, down 6.4% over the past week and roughly 53% below the record $126,080 it set in October
- On prediction market Myriad, owned by Decrypt 's parent company Dastan, traders expect Bitcoin's next move to take it to $55,000, placing a 77% chance on that outcome, up from 72% at the start
- With Bitcoin trading far below the roughly $72,000 "max pain" level, some 80% of those contracts are on track to expire worthless
- The slide came as U.S. spot Bitcoin ETFs bled some $691 million on Thursday, their largest single-day outflow since May 27, according to Farside Investors data
Summary
Bitcoin slipped below $60,000 to an intraday low of $58,189, down 6.4% over the week and near its lowest level since September 2024. U.S. spot Bitcoin ETFs shed under $692 million on Thursday, their biggest one-day outflow since late May. A $10.6 billion options expiry hits Friday, while more than $1.1 billion in leveraged crypto bets were liquidated over the past 24 hours. The largest cryptocurrency was trading around $59,100 on Friday, down 6.4% over the past week and roughly 53% below the record $126,080 it set in October.