Today might be a bad weekend, as it arrived with one of the largest options expiries of the year. Bitcoin price retested lower levels overnight, Ethereum touched low $1,500, and MSTR came under heavy pressure. Today’s moves center on positioning ahead of major derivatives settlement.
So why did Bitcoin slip? Last night’s selling pressure coincided with the approach of one of the biggest options expiries. It is expected, and it happened that large players were adjusting positions or selling into the rumor, triggering the move lower before the actual event. It just feels worse because the current conditions show thin liquidity, which exaggerates price swings.
Bitcoin Price Eyes Post-Expiry Clarity, Ethereum Shows Selective Buying
Interestingly, Bitcoin has posted near-zero average returns in June over the past twelve years. July, by contrast, has delivered stronger gains averaging around 7.5% across multiple cycles. This pattern shows July as one of Bitcoin’s historically better-performing months compared to June.
Bitcoin price retested $58K, Ethereum formed a double bottom, while MSTR plunged 10% as $3B in outflows rattled crypto markets.
Bitcoin price action has been volatile as it dipped toward the $58K area before recovering above $60K in recent hours as fresh long positions appeared. The options expiries are unfolding today, with $10.6 billion in contracts set to settle, mostly on Deribit and CME futures plus options.
But, ironically, 80% of those contracts are already out of the money following June’s decline. Negative dealer gamma means price moves could feel sharper until the market clears the $68K–$70K zone, where positioning may shift.
Bitcoin price retested $58K, Ethereum formed a double bottom, while MSTR plunged 10% as $3B in outflows rattled crypto markets.
ETH USD, Tradingview
Ethereum price has lagged in percentage, but looks like a double bottom if forming after this early AM dip. Despite the weakness, there are signs of selective accumulation. Sharplink has reportedly bought Ethereum for the first time in eight months. But this doesn’t really help the altcoins’ case. This cycle, the altcoin market has largely followed Bitcoin’s direction with BTC Dominance dominating and refusing to drop below 50%.
Strategy is also facing investor probes over its Bitcoin scheme and recent financial disclosures. Law firms have launched investigations into potential issues that may have affected shareholders amid the company’s large unrealized losses. Its stock decline has likely happened because the market reacts to these developments. As of today, MSTR has dropped by 10%.
While Strategy is being hit by billions in unrealized losses, June spot Bitcoin ETF outflows have exceeded $3 billion, contributing to the pain. Bitcoin price is holding near key long-term averages, and Ethereum remains under pressure but has found short-term support.
The expiry itself is the main event today, although most contracts are already out of the money, and the settlement could remove a layer of selling pressure. Outflows have been big and bad, yet OGs and big holders are using the weakness to add spot exposure.
