DATA & FIGURES
The $1.4 billion options expiry on Deribit is a significant event, with $137 million in calls up to $62,500 and $121 million in puts above $61,000. The 10-year Treasury yield is nearing 4.6%, while the Nasdaq-100 Index is 4% below its all-time high. Additionally, there were $85 million in net outflows from spot Bitcoin ETFs on Wednesday
THE SCENARIO
The rising US Treasury yields signal debt concerns, negatively pressuring risk assets. The balanced Bitcoin options put-to-call volumes suggest limited downside from the $62,000 level. The upcoming options expiry features an interesting setup, with calls up to $62,500 totaling $137 million, while puts above $61,000 are at $121 million
DIRECT QUOTE
"While no official statements have been released, the raw data, geopolitical shifts, and market actions surrounding this event speak for themselves." — BBN Editorial Desk
BBN INSIGHT
The Positive Side: A temporary truce in the Middle East could ease recession fears and shift money from fixed income into risk markets, likely pushing Bitcoin price higher. The Negative Side: Continued strength in the AI sector drains capital from other investments, while traders fear large Treasury issuance to cover growing debt. The market appears positioned to strengthen the $62,000 support level, but sustained upward momentum would require a boost from the macro side
MARKET REACTION
The price of Bitcoin has been impacted by the rising US Treasury yields, with the cryptocurrency trading sideways. The Nasdaq-100 Index has also been affected, sitting merely 4% below its all-time high. The AI sector's bullish momentum has kept pulling capital toward equities, with Asian chipmaker SK Hynix oversubscribed IPO in the US helping to push the sector higher