Bitcoin Dips Below $59K as ETF Outflows Surge Ahead of Major Options Expiry
Bitcoin fell below $59,000 on Friday, reaching an intraday low of $58,189, down 6.4% over the week and near its lowest since September 2024. The decline was driven by a record $691 million outflow from U.S. spot Bitcoin ETFs on Thursday, the largest single-day withdrawal since late May. This selling pressure comes as a $10.6 billion Bitcoin options expiry on Deribit looms, with most contracts expected to expire worthless given Bitcoin's price far below the $72,000 'max pain' level. The $60,000 level is seen as a critical support; a breach could accelerate losses. Over $1.1 billion in leveraged crypto positions were liquidated in 24 hours, with $875 million in longs. Macro factors, including hawkish Fed stance and geopolitical tensions, are also weighing on Bitcoin. Analysts suggest Bitcoin may remain range-bound until a new catalyst emerges, such as the Clarity Act or a Fed rate cut.
Key facts
- Bitcoin fell to $58,189, lowest since September 2024.
- U.S. spot Bitcoin ETFs saw $692 million outflow on Thursday.
- $10.6 billion Bitcoin options expiry on Deribit due Friday.
- Over $1.1 billion in leveraged crypto positions liquidated.
- Analysts cite hawkish Fed and war in Iran as bearish factors.