The approaching expiration of billions of dollars worth of Bitcoin (BTC) options is causing concerns of increasing selling pressure in the market.

Bitcoin price could be at risk of falling below the $56,000 support level ahead of the options expiration on Aug. 16. If Bitcoin fails to break above $60,000 before then, significant downside volatility is likely.

The upcoming crypto options expiration could put significant selling pressure on Bitcoin. According to Deribit data, $1.4 billion worth of Bitcoin options will expire on August 16. This makes the $60,000 level, considered Bitcoin’s “maximum pain point,” critical, as many options contracts will become worthless at that level.

Over the past 24 hours, Bitcoin has lost more than 3.6% to $58,101. The drop suggests that the price could become even more volatile as $1.4 billion in options expire. The crypto market typically sees more volatility as options approach expiration.

On the other hand, inflows to US spot Bitcoin exchange-traded funds (ETFs) turned negative again on August 14 after two days of positive activity. According to Farside Investors, net outflows exceeded $81 million on that date. However, it is thought that positive Consumer Price Index (CPI) data could increase inflows to Bitcoin ETFs.

Bitfinex analysts state that if the CPI data comes in above expectations, there may be more inflows into Bitcoin ETFs, which could positively affect the Bitcoin price.

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