비트코인이 140억 달러 규모의 옵션 만기일을 맞이한 가운데, 지정학적 요인으로 인해 가격 향방이 불확실해지고 있습니다
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A $14 billion Bitcoin (BTC-USD) options expiry is colliding with escalating geopolitical tension, setting up what could be a pivotal moment for crypto markets as traders reassess whether recent price stability has been structural rather than fundamental. The quarterly rollover, which removes roughly 40% of open positions on Deribit, arrives as US President Donald Trump signals the possibility of intensified military action against Iran following stalled peace negotiations. That overlap is raising a central question across desks: whether the expiry has been suppressing volatility and if its removal could leave Bitcoin more exposed to macro-driven swings.
Bitcoin has remained confined between roughly $60,000 and $75,000 in recent weeks, continuing to trade well below its October 2025 peak near $126,000 despite geopolitical uncertainty and intermittent ETF inflows. Market participants suggest derivatives positioning has played a central role in that stability, with institutional investors spending much of the first quarter selling upside exposure to generate income in a subdued environment. That activity has shifted risk onto market makers, whose hedging flows buying on dips and selling into rallies have kept price action anchored near the so-called max pain level around $75,000, effectively dampening volatility and capping directional moves.
As those contracts expire, that structural cushion could begin to fade, potentially exposing Bitcoin to sharper moves tied more directly to geopolitics and macro conditions. Traders indicate the asset could remain in the $70,000$75,000 range without a clear signal from the Middle East, though outcomes around a potential ceasefire may prove decisive. A credible de-escalation could push Bitcoin above $75,000 and trigger the unwinding of bearish positions, while a breakdown in negotiations may pull prices back toward support levels near $68,500. With ETF flows showing sensitivity to shifts in interest-rate expectations and broader sentiment still fragile, the post-expiry setup could mark a transition where volatility increases as external catalysts regain control.
source: https://www.tradingview.com/news/gurufocus:3cdcf0be4094b:0-bitcoin-faces-14b-options-expiry-as-geopolitics-cloud-price-direction/
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