 Bitcoin unfazed by $2.6B options expiry, maintains rally toward $100K 
2024-11-22

Bitcoin remains on track to the $100,000 mark despite investor concerns about Friday’s near $2.7 billion options expiry, which threatened a correction below $85,000.
Over $2.67 billion worth of Bitcoin BTCUSD options contracts expired on Nov. 22 at 8:00 am UTC, with a “max pain” point of $85,000, according to a Nov. 21 X post from Deribit exchange.
Bitcoin rose to an all-time high of $99,523 at 7:30 am UTC, just 30 minutes ahead of the options expiry, before it started falling to the current $97,805, Cointelegraph data shows.
Despite the short-term correction, the expiration of the $2.6 billion Bitcoin options shouldn’t have a drastic impact on Bitcoin’s currency rally, according to Blake Player, head of growth at VALR.
He told Cointelegraph:
Decreasing leverage in crypto markets could be a net positive for Bitcoin’s rally. On Nov. 12, Kris Marszalek, the co-founder and CEO of Crypto.com, warned that the crypto market will need deleveraging before Bitcoin can breach $100,000.
Bitcoin is inching toward $100,000, bolstered by over $1 billion ETF inflows
On Nov. 22, stablecoin flows to crypto exchanges reached a record monthly high of over $9.7 billion, flashing another optimistic signal for Bitcoin’s price trajectory leading up to 2025.
Increasingly more analysts expect Bitcoin to breach the $100,000 all-time high, which could occur before the end of November, according to Ryan Lee, chief analyst at Bitget Research.
The positive inflows into the US spot Bitcoin exchange-traded funds (ETFs) are also contributing to Bitcoin’s rally to new all-time highs.
On Nov. 21, the spot Bitcoin ETFs recorded over $1 billion worth of cumulative net inflows, which marks the third-highest day of inflows for the month, Farside Investors data shows.
While Bitcoin is expected to reach $110,000 in the long term, timing its next big move remains difficult, according to Szymon Sypniewicz, co-founder and CEO of Ramp Network.
He told Cointelegraph: 
Meanwhile, Bitcoin continues its record climb. On Nov. 22, the Bitcoin price printed a record monthly candle of over 40% as BTC breached $99,000, with eight more days remaining from November — historically the best month for Bitcoin’s returns.