Bitcoin Eyes $62K Support as $1.4B Options Expiry Looms

Bitcoin reclaimed $63,000 on Thursday as traders positioned for a $1.4 billion weekly options expiry on Deribit due Friday at 08:00 UTC. Rising U.S. 10-year Treasury yields and roughly balanced options flows put the $62,000 support level under close watch.

The 10-year Treasury yield moved toward 4.6% this week. Traders flagged that yield gains as a factor applying pressure to risk assets, including Bitcoin. Bitcoin traded in a narrow range in recent sessions while the Nasdaq-100 remained about 4% below its record high.

U.S. equity trading on Thursday showed gains led by chip-related names, with Arm Holdings, Advanced Micro Devices and Micron among top performers. An oversubscribed U.S. IPO for chipmaker SK Hynix was cited by market participants as one element supporting the sector’s momentum.

Spot Bitcoin exchange-traded products recorded $85 million in net outflows on Wednesday, ending a three-day inflow streak. Options activity at Deribit showed call volumes outpacing put volumes over the prior four days, indicating reduced demand for downside protection in that period.

Open interest for the weekly options expiry has a concentrated structure. Call contracts up to $62,500 amount to about $137 million in notional value, while put contracts above $61,000 total roughly $121 million. If Bitcoin trades above $63,500 by the 08:00 UTC expiry, bullish positions would gain an estimated $190 million; if price falls below $61,000, bearish positions would hold about a $100 million edge.

Market participants are watching Treasury yields and oil prices for signs of wider flows into or out of risk assets. Geopolitical developments in the Middle East and changes in oil prices are being monitored as variables that may affect investor demand. Put buying has been subdued in recent sessions, and traders continue to assess how macro factors will interact with options positioning during and after the expiry.