Bitcoin Dips Below $59K as ETFs Let Go of $696 Million and Options Expire

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The global crypto market cap increased by 1.2% in the past 24 hours, standing at $2.16 trillion at the time of writing (Friday, 16:00 UTC). Bitcoin dipped to the $58,300 level before rebounding, barely holding to the above-$60,000 mark.

At the same time, Bitcoin spot ETFs saw a major red day on Thursday as the trading closed, while a $10.6 billion options expiry happens today.

Bitcoin falls below $59,000

Bitcoin is up 1.1% since this time yesterday, and it’s currently trading at $60,327. The lowest point it hit in this period is $58,320, while it posted several other dips during the day. At this point, it’s just holding onto the $60,000 mark and could start moving towards $55,000. Unless there’s a notable push upwards, BTC may settle in the $58,000-$59,000 range.

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The coin’s intraday high was just $60,591. It’s also down 4.5% in a week, 20% in a month, and 52% from its all-time high of $126,080.

Options expire, ETFs bleed

Moreover, some $10.6 billion in options expired on Deribit today, which is the largest quarterly settlement this year. The expiry consisted of $9.06 billion in Bitcoin options and $1.57 billion in Ethereum options.  Approximately 80% of the contracts will likely be worthless, given that BTC trades below the $72,000 and ETH below the $2,000 max pain levels.

Additionally, the BTC and ETH spot ETFs continue seeing significant outflows. BTC ETFs let go of $696.29 million by the end of the trading day on Thursday. The highest of these were Fidelity’s $274.48 million and BlackRock’s $265.68 million. Morgan Stanley did post a minor inflow of $9.17 million.

ETH spot ETFs posted $81.87 million in outflows, with only Bitwise standing green with $556,950. The highest outflow was BlackRock’s $62.99 million.

Meanwhile, of the top 10 coins, all but Tron (TRX) are in green. TRX is down 1.3% to $0.3189, while the highest increase is Solana (SOL)’s 10.2% to the price of $72.6. It’s followed by Hyperliquid (HYPE)’s 5.6% to $64.78.

Also, Ethereum (ETH) appreciated 1%, now trading at $1,575.

At the same time, 80 of the 100 coins saw their prices increase in 24 hours by the time of writing.