Bitcoin rose above $ 105,000 after having passed under $ 100,000 during the weekend. The drop followed the announcement of American air strikes on Iranian nuclear sites, causing panic on the market. This massive sale has not only dropped prices, but also lowered the open interest, traders quickly reducing their risks.
In short
- The strong fall in the BTC weekend has sparked more than $ 700 million in liquidations, while leverage has been eliminated.
- The open interest of perpetual term contracts has dropped by 17,000 BTC, the strongest decrease in one day in almost a year.
- More than 141,000 BTC options with a value of $ 14 billion should expire this Friday on Deribit.
- The US ETF SPOT BTC recorded 11.6 k BTC entries last week, showing strong institutional resilience.
Traders reduce the risk to Bitcoin while uncertainty persists
Global tension has caused trees in the Crypto sector, a falling Bitcoin at levels never seen for over a month. But soon after, the announcement of a cease-fire by US President Donald Trump made it possible to calm the spirits. This news brought a appeasement, and Bitcoin quickly recovered, returning to the land lost.
Despite this rebound, the market is not yet completely stabilized. Derivative traders, in particular, remain cautious. The fall of the weekend sparked more than $ 700 million in forced liquidations, while positions were closed during the high price fluctuation.
Vetle Lunde, market analyst at K33 Research, told Decrypt that recent market activity shows a clear withdrawal of risk, following the volatility of the weekend. He highlighted several key changes on the Bitcoin derivative market:
- More than 17,000 BTCs in perpetual term contracts were closed in a single day of trading.
- It was the greatest drop in one day of open interest since the world's world repercussions in the yen.
- The open interest has now fallen below 260,000 BTC – the lowest total observed for several weeks.
- LUNDE said that this reflects a general removal of leverages and high -risk positions.
- He compared the current conditions to those in April, when similar prudence had led to a stable and flat price range.
The general feeling remains cautious, with the index of fear and greed Bitcoin at 42 – a neutral reading, but slightly tilted towards fear, reflecting persistent uncertainty on the market.
Likewise, deribit data show that The Bitcoin volatility index fell to 38.39indicating a relatively calm market. This also suggests that traders remain cautious, waiting for a clearer direction.
All eyes on the expiration of June 27
Attention is now turning to the upcoming expiration of Bitcoin options. Friday, June 27, more than 141,000 contracts will expire on Deribit.
These contracts represent a notional value of more than $ 14 billion and count for more than 40 % of all the Bitcoin options open to the platform. Among this total, around 82,000 are CALL options – which report in the event of a price increase – while the rest are puts, placed by traders expecting a drop.
Each contract is linked to Bitcoin, making it one of the biggest expiration events in the last months. The result could influence market management according to the way in which traders are positioned before the deadline.
For the moment, most are betting on a stability of bitcoin in a narrow strip. General opinion is that the price should not oscillate strongly in one direction or the other. There is a slight trend with a moderate increase, but no strong conviction of a great break.
An optimism that grows beyond the short term
Although short -term mood remains cautious, Wintermute analysts noticed An increasing optimism around Bitcoin options to expire in July and September. This trend suggests an increased belief that current market tension could start to fade in the coming months.
Institutional money also continues to support Bitcoin. Glassnode data show that Bitcoin Spot ETF in the United States has recorded Net entries of more than 11,600 BTC last week.
This marks the second consecutive week of positive flows, showing stable demand from major investors. On June 23, 2025, the ETFs still saw an entrance of around 598 BTC, despite increasing global tensions.
Although this sum is modest, there was no significant outgoing flow, which suggests continuous confidence even in uncertain conditions.
To add to this change of feeling, the Crypto Ted Pillow analyst observed that each great wave of fear or uncertainty had historically marked a hollow of the Bitcoin price.
He has pointed out past events such as the collapse of FTX, changes in commercial policy in Japan, pricing threats under the Trump presidency and, more recently, the entry of the United States into the Iranian conflict. According to his graphic data, Bitcoin tends to drop during these periods but quickly finds solid support before going up. With signs of de -escalation emerging now, Pillow suggests that the hollow could already be reached – or very close.
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