Bitcoin hovered near $87,400 as Deribit data pointed to a record options expiry on Friday, with about 300,000 BTC options worth $23.7 billion set to roll off.
More than half of BTC’s total open interest is tied to this expiry, with strike concentrations around $85,000 and $100,000, a setup that can sharpen price moves in thinner holiday liquidity. QCP Capital also flagged higher futures funding alongside a cooldown in positioning, noting BTC and ETH open interest fell by roughly $3 billion and $2 billion, respectively, over the past week.
What to watch is whether positions are rolled or unwound after the cut: heavy rolls can keep spot action pinned, while unwinds may translate into more abrupt moves into year-end.
Source: Deribit.
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