Bitcoin ETF

Bitcoin

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 (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) options contracts expired on Nov. 22 at 8:00 am UTC, with a “max pain” point of $85,000, <a data-ct-non-breakable="null" href="https://x.com/DeribitExchange/status/1859507238932496640" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/DeribitExchange/status/1859507238932496640">according</a> to a Nov. 21 X post from Deribit exchange.
<figure>
 <img alt="Bitcoin unfazed by $2.6B options expiry, maintains rally toward $100K" src="https://s3.cointelegraph.com/uploads/2024-11/0193542f-eb25-739f-93b3-169a1f61a6cf" title="">
 <figcaption style="text-align: center;">
 Options expiry. Source: Deribit
 </figcaption>
</figure>
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.
<figure>
 <img alt="Bitcoin unfazed by $2.6B options expiry, maintains rally toward $100K" src="https://s3.cointelegraph.com/uploads/2024-11/0193542f-9c51-731b-a178-21feb922fee6" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Cointelegraph
 </figcaption>
</figure>
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:
<blockquote>
 “Options expiring reflects a reduction in open interest and correspondingly leverage in the market. I don’t expect this to have a significant impact on price as those looking to stay long or short are able to purchase new options or take out positions elsewhere.”
</blockquote>
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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-market-enters-extreme-greed-needs-deleveraging-before-100k-btc" rel="null" target="null" text="null" title="null">need deleveraging before Bitcoin</a> can breach $100,000.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/allianz-germany-biggest-insurer-buys-24-microstrategy-2-6-b-notes" rel="null" target="null" text="null" title="null">Allianz, Germany’s biggest insurer, buys 24% of MicroStrategy’s $2.6B notes</a>
<h2 id="bitcoin-is-inching-toward-100-000-bolstered-by-over-1-billion-etf-inflows">Bitcoin is inching toward $100,000, bolstered by over $1 billion ETF inflows</h2>
On Nov. 22, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/record-stablecoin-inflows-bitcoin-100k-target" rel="null" target="null" text="null" title="null">stablecoin flows to crypto exchanges</a> 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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-to-breach-100-k-in-nov-trump-mulls-crypto-friendly-cftc-chair-finance-redefined-nov-8-15" rel="null" target="null" text="null" title="null">breach the $100,000</a> 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.
<figure>
 <img alt="Bitcoin unfazed by $2.6B options expiry, maintains rally toward $100K" src="https://s3.cointelegraph.com/uploads/2024-11/0193542e-c4dd-730c-9d28-caa83ebf645e" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Flow (USD, million) Source: Farside Investors
 </figcaption>
</figure>
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 <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="null" target="null" text="null" title="null">shows</a>.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-strategic-bitcoin-reserve-trump-presidency-1-m-btc-signal" rel="null" target="null" text="null" title="null">US Bitcoin reserve during Trump presidency could pump BTC to $1M</a>
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:&nbsp;
<blockquote>
 “While reaching $110,000 for Bitcoin seems inevitable at some point, it’s uncertain whether it will happen before the end of the year, as we can expect the market to experience some ups and downs along the way.”
</blockquote>
Meanwhile, Bitcoin continues its record climb. On Nov. 22, the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-record-40-monthly-candle-crosses-99-k" rel="null" target="null" text="null" title="null">Bitcoin price printed a record</a> 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.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-dominance-crypto-predictions-bull-run-benjamin-cowen-hall-of-flame/" rel="null" target="null" text="null" title="null">Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame</a>

Bitcoin unfazed by $2.6B options expiry, maintains rally toward $100K

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