Bitcoin faces $1.4 billion Deribit options test as yields climb

Bitcoin moved back above $63,000 on Thursday, putting the market near a level that could shape Friday’s $1.4 billion options expiry on Deribit, according to Cointelegraph. For everyday investors, the setup matters because options expiries can sharpen short-term price pressure, especially when macro signals like Treasury yields are already weighing on risk assets.

Cointelegraph reported that traders are focused on whether Bitcoin can hold around $62,000. The publication tied that concern partly to the US 10-year Treasury yield approaching 4.6%, a level it described as a warning sign for markets because higher yields can make safer income assets more attractive relative to speculative assets such as crypto.

A Treasury yield is the return investors demand to lend money to the US government. When that yield rises, it can signal concern about debt levels, inflation, interest rates, or future government borrowing. Cointelegraph said the move has left Bitcoin trading sideways even as the Nasdaq-100 Index sits about 4% below its record high.

Options market looks balanced

The Friday event centers on Bitcoin options listed on Deribit. An option is a contract that gives a trader the right, but not the obligation, to buy or sell an asset at a set price. A call option benefits when the asset rises above a specified level, while a put option benefits when it falls below one.

Cointelegraph, citing Laevitas data, said Bitcoin call volume has been higher than put volume over the past four days. That suggests traders have not been aggressively paying for downside protection in recent sessions.

The expiry still has a tight structure around current prices. Cointelegraph reported that calls up to $62,500 total $137 million, while puts above $61,000 total $121 million. If Bitcoin is above $63,500 at the 8:00 AM UTC expiry on Friday, bullish positions would have a roughly $190 million advantage, according to the report. If Bitcoin falls below $61,000, bearish positions would have a smaller edge of about $100 million.

That balance is why $62,000 is getting attention. Cointelegraph said restrained put buying points to limited downside pressure from the options market itself, unless a separate catalyst changes positioning before expiry.

ETF flows and AI stocks add context

Spot Bitcoin exchange-traded funds recorded $85 million in net outflows on Wednesday, ending a three-day inflow streak, Cointelegraph reported. The publication said that one day of outflows does not confirm a broader reversal in institutional demand.

Equity market momentum is also competing for investor attention. Cointelegraph said enthusiasm around artificial intelligence stocks continued to pull capital into shares, citing Thursday gains of 10% for Arm Holdings, 7% for Advanced Micro Devices and 7% intraday for Micron. The report also cited an oversubscribed US IPO connected to SK Hynix as part of the AI-driven move.

Oil is another variable. Cointelegraph said a temporary truce in the Middle East could reduce recession fears and support risk assets if it helps ease pressure in energy markets. The publication also said a worsening conflict involving Iran could push oil prices higher, which would complicate the broader macro backdrop.

Cointelegraph’s read is that Bitcoin may find short-term relief if it holds above $63,500 into expiry, while a more durable move higher would likely depend on macro conditions improving. The options data, as presented by Deribit and Laevitas, shows a market that is cautious but not heavily skewed toward a break below $62,000.

This story draws on original reporting from Cointelegraph.