Bitcoin Hovers Near $107K Ahead of Major Options Expiry

Bitcoin (BTC) traded in a narrow range around $107,000 on Thursday during U.S. trading hours as markets awaited a significant options expiry event. As of this writing, BTC is priced at $107,500, reflecting a 0.2% decline over the past 24 hours. Meanwhile, the CoinDesk 20 index — tracking top cryptocurrencies excluding stablecoins and exchange tokens — dropped 0.9% in the same period.

Deribit, the largest crypto options exchange, is set to see one of its biggest expiries of the year on Friday, with $40 billion in open interest, according to Jean-David Péquignot, chief commercial officer at the exchange. Around 38% of BTC options contracts will expire, with the "max pain" point — where most options lose value — set at $102,000. The put-call ratio sits at 0.73, signaling slightly more bullish sentiment.

Bitcoin’s implied volatility has cooled, with the Deribit DVOL index dropping from 50% in April to 38% now, suggesting growing confidence in BTC's role as a macro hedge. However, market sentiment remains cautious, with technical analysts warning of downside risk if BTC fails to hold above $105,000. Low open interest in perpetual futures and muted volatility point to limited expectations for sharp price moves.

In crypto equities, Core Scientific (CORZ) surged over 33% following news that AI infrastructure firm CoreWeave may acquire the mining company. Other blockchain-related stocks like Coinbase (COIN), Circle (CRCL), Riot Platforms (RIOT), and Hut 8 (HUT) posted gains between 5% and 7%. In contrast, MicroStrategy (MSTR) slipped by nearly 1%.