Bitcoin Nears $62.9K as $9.6B in Monthly Options Expire on Deribit
Bitcoin hovers near $62,900 after Deribit settles $9.6B in monthly options, with potential short overhang watched.
Bitcoin entered the weekend trading near $62,900, just under 1% above the July 31 intraday low, according to data shared by CryptoSlate. The price action follows the settlement of roughly $9.6 billion in monthly Bitcoin options on Deribit, the largest crypto derivatives venue.
Deribit settles monthly contracts at 08:00 UTC on the last Friday of each month. Live expiry data placed July's Bitcoin notional near $9.7 billion, with the actual settled amount coming in at approximately $9.6 billion.
Potential short overhang
Market observers noted that if Bitcoin breaks above $62,000 over the weekend, a roughly $1.1 billion short overhang could act as resistance, potentially pulling the price down toward $60,000. This scenario is based on options positioning data rather than a forecast.
The monthly expiry marks a key event for derivatives markets, with traders repositioning after contract settlement. Bitcoin's price remains within a narrow range, with traders watching for a decisive move in either direction.