Bitcoin Reaches $65K — Market Braces for Major Options Expiry

Bitcoin (BTC) has enjoyed a rise today, reaching $65,499 during the morning trading hours. Of the day’s total crypto trade volume of $95.27 billion, BTC accounted for $32.04 billion of that activity. After hitting the $65K threshold at 10:15 a.m. Eastern Time, bitcoin’s value swiftly settled back into the mid to upper-$64K range. Although trading volume spiked on the rise, it eased once more sell pressure emerged. By 11:40 a.m. Eastern Time, BTC was back well above the $65K range tapping a high of $65,499.

Bitcoin (BTC) at 11:30 a.m. EDT on Thursday, Sept. 26, 2024. By 11:40, the price reached $65,499.

During the 24-hour period, $21.19 million worth of BTC shorts were liquidated, according to coinglass.com’s crypto derivatives data. BTC longs weren’t spared either, with $12.46 million getting wiped out. The total liquidations across all cryptocurrencies during this span amounted to $131 million as the market moved upward, with $66.5 million in longs and $64.4 million in shorts being erased.

Around 54,129 traders were liquidated on Thursday. Moreover, a major quarterly options expiry is approaching on Friday, involving around $9 billion in BTC and ETH contracts set for settlement. Open interest in futures and options has been steadily climbing in recent weeks as well, as reflected in coinglass.com statistics. Additionally, spot bitcoin and ether exchange-traded funds (ETFs) have experienced a positive inflow over the last few days.

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