Bitcoin remains on track to hit the $100,000 milestone despite concerns surrounding Friday’s near $2.7 billion options expiry, which raised fears of a potential correction below $85,000.
On Nov. 22 at 8:00 am UTC, over $2.67 billion worth of Bitcoin options contracts expired, with a “max pain” point of $85,000, as highlighted in a Nov. 21 post from Deribit exchange.
Bitcoin hit an all-time high of $99,523 at 7:30 am UTC, just 30 minutes before the options expiry, but subsequently dipped to $97,805, according to Cointelegraph data.
BTC/USD Performance
Despite the short-term pullback, the $2.6 billion options expiry is unlikely to significantly disrupt Bitcoin’s ongoing rally, according to Blake Player, head of growth at VALR.
He told Cointelegraph:“Options expiring reflects a reduction in open interest and correspondingly leverage in the market. I don’t expect this to have a significant impact on price as those looking to stay long or short are able to purchase new options or take out positions elsewhere.”
Decreasing leverage may benefit Bitcoin’s continued rise.
Kris Marszalek, co-founder and CEO of Crypto.com, noted on Nov. 12 that deleveraging in the crypto market is essential before Bitcoin can breach $100,000.
Strong ETF Inflows Boost Optimism
Bitcoin’s march toward $100,000 is supported by record-breaking stablecoin inflows to crypto exchanges, which reached $9.7 billion on Nov. 22.
This reflects increasing market confidence in Bitcoin’s trajectory, particularly leading into 2025.
Ryan Lee, chief analyst at Bitget Research, predicts Bitcoin could surpass $100,000 by the end of November.
Additionally, more than $1 billion in inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) is further fueling the rally to new highs.
