Bitcoin stuck under $74K after $9B options expiry favors bears

Bitcoin remains locked in a tight range below $74,000 following Friday's massive $9 billion options expiry. The highly anticipated derivatives event closed with sellers firmly in control, capitalizing on a week of spot market weakness. Bears won this round. Spot exchange-traded funds (ETFs) saw accelerating outflows, while corporate treasury liquidations added to the overhead supply, capping any upward momentum.

Derivatives data shows that call options buyers were caught off guard by the late-week slide. Most of the open interest was concentrated around the $75,000 and $76,000 strikes, levels that became entirely out of reach as spot prices drifted lower under macroeconomic pressure. Market makers hedging their positions were forced to sell spot BTC to adjust their delta exposure, compounding the downward pressure. This mechanical selling accelerated as the Friday deadline approached, pinning the price down.

The weakness in derivatives mirrors a broader shift in spot market liquidity. US-listed spot Bitcoin ETFs recorded net outflows of over $150 million in the days leading up to the expiry, snapping a multi-week streak of inflows. The buyers simply vanished. Simultaneously, reports of corporate selling, including rumored treasury rebalancing by several mid-sized tech firms, dampened any attempts at a bullish breakout. This dual pressure left the order books thin, making it easy for bears to defend the $74,000 resistance level.

Traders are now shifting their focus to the weekend liquidity conditions when traditional markets are closed. The immediate support level sits at $71,500, a zone that has repeatedly attracted buyers over the past month. If this level fails to hold, the next major liquidity pool lies near $68,000, where leveraged long positions face liquidation risks. Conversely, reclaiming $74,500 on high volume remains the prerequisite for any renewed push toward all-time highs. Watch the Monday ETF flow data for the first real sign of institutional appetite post-expiry.