$6.44B Bitcoin Options Expire Today

This expiry is a scheduled risk event that could amplify intraday swings, but its real impact depends on where spot sits relative to the strike clusters. A large portion of open interest rolling off means dealers may unwind hedges, which can exaggerate moves in either direction. The key is whether the market absorbs this without a trend shift; if it does, the event is mostly noise. Watch the options term structure for signs of repositioning into the next cycle.