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Bitcoin ETFs bleed $410M amid $2.5B options expiry: is BTC facing deeper crash?

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Bitcoin BTC
Bitcoin BTC
  • Bitcoin saw spot ETF outflows of over $410 million as prices struggled.
  • Over $2.5 billion in Bitcoin options expired on Friday.
  • Analysts say “worst of downturn” likely over but market remains bearish.

Bitcoin ETFs experienced a net outflow of over $410 million on February 12, as investors withdrew capital from the exchange-traded funds amid growing fears of a broader crypto market downturn.

And on Friday morning, Feb. 13, BTC price fluctuated near $66,800 as the market recorded a massive $2.5 billion Bitcoin options expiry.

Crypto analysts have shared their thoughts on what this could mean for the Bitcoin price in the short term.

Bitcoin ETF outflows and $2.5 billion options expiry

Data showed that on US spot Bitcoin ETFs recorded net outflows of over $410 million yesterday, with none of the 12 spot ETFs notching net inflows.

BlackRock’s IBIT led with nearly $158 million, Fidelity’s FBTC had $104 million, and Grayscale’s GBTC had over $59 million in exits.

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This marked the second consecutive day of redemptions, following $276 million on February 11.

Institutional investors are pulling back amid Bitcoin’s struggles around the $67,500-$65,450 range.

The fresh ETF outflows coincide with a pivotal weekly options expiry at 08:00 UTC on Feb. 13.

Approximately 38,000 Bitcoin contracts worth $2.5 billion in notional value have expired, primarily on Deribit, with a put/call ratio of 0.72 and maximum pain near $74,000.

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Ethereum also saw 215,000 ETH options worth $410 million expire, with a put/call ratio of 0.82 and a maximum pain point at $2,100.

These maximum pain points are at values well above spot BTC and ETH levels, and likely the driver of downward pressure as market makers look to hedge delta exposure on out-of-the-money calls.

Bitcoin price prediction

The ETF outflows and broader market weakness hinder bulls, and sentiment is skewed bearish, analysts say.

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“Today saw the expiration of options accounting for 9% of total open interest, totaling nearly $2.9 billion. This week, implied volatility for Bitcoin and Ethereum has declined, with BTC’s main-term IV at 50% and ETH’s at 70%. While the downward price trend has moderated, market confidence remains weak,” analysts at Greeks.live noted via X.

Despite this outlook, the market may have “the most violent leg of the downturn” behind it. If sentiment improves, prices could pick up an upside trajectory.

In this case, a relief rally to above the critical $70,000 mark is likely.

However, ETF bleeding and macroeconomic headwinds could greatly cap upside momentum.

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On Thursday, Standard Chartered forecast Bitcoin price could retest $50k before rising to $100k by the end of 2026. The bank cites ETF outflows, macro pressures and broader risk asset sentiment as negative catalysts.

Notably, BTC tested support at $60k this month, and the elevated implied volatility, coupled with ETF exits, signals aggressive downside protection.

If outflows continue amid other highlighted downside triggers, the $50k level could be the next target.

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Bitcoin is Positioning for ‘War is Ending’ Narrative Ahead of Trump’s Iran Speech

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Bitcoin held steady near the $68,000 range on Wednesday as markets braced for a key speech from President Donald Trump on the Iran war. Reports suggest Trump may signal that the conflict is nearing an end, possibly within weeks, while framing recent actions as a strategic success.

However, despite the “war ending soon” narrative gaining traction, Bitcoin’s intraday data shows a more cautious market beneath the surface.

Rallies Sold, Not Built

Cumulative Volume Delta (CVD) shows a clear trend: sellers dominated most of the day.

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After an early push higher, CVD steadily declined into negative territory. This means more aggressive sell orders hit the market than buys. In simple terms, traders used price strength to exit positions rather than build new ones.

Even during small recoveries later in the day, selling pressure continued. That signals weak conviction behind the upside.

Bitcoin CVD on April 1, 2026. Source: TradingView

Volume Confirms Distribution

On-Balance Volume (OBV) tells a similar story.

While Bitcoin’s price moved sideways for much of the session, OBV trended lower. This divergence suggests that volume flowed out of the asset, not into it.

Put simply, the market was not accumulating Bitcoin. Instead, it was quietly distributing, with sellers outweighing buyers over the full session.

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Bitcoin On-Chain Volume on April 1, 2026. Source: TradingView

Late Buyers Step In — But Lightly

Chaikin Money Flow (CMF) adds a final layer.

The indicator flipped slightly positive toward the end of the day, showing that some buyers stepped in during the final hours. However, the move remained modest and inconsistent.

This suggests dip-buying activity, but not strong or sustained demand.

Bitcoin CMF on April 1, 2026. Source: TradingView

Market Prepares, But Doesn’t Commit

Taken together, the data points to a market positioning defensively.

Bitcoin appears to be pricing in the possibility of de-escalation. Yet traders are not aggressively betting on a breakout. Instead, they are selling into strength and waiting for confirmation.

The pattern aligns with a broader “sell the news” setup.

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Bitcoin Price Chart Over the Past Week. Source: CoinGecko

A Narrative Priced In — But Not Trusted

If Trump confirms a near-term end to the conflict, markets may react positively at first. However, Bitcoin’s flow data suggests that much of this expectation is already priced in.

For now, the market is not chasing the narrative. It is preparing for it — cautiously.

The post Bitcoin is Positioning for ‘War is Ending’ Narrative Ahead of Trump’s Iran Speech appeared first on BeInCrypto.

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Square launches zero-fee Bitcoin payments for US merchants through 2026: Square

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Square launches zero-fee Bitcoin payments for US merchants through 2026: Square


Square is waiving processing fees for Bitcoin payments at US merchants for two years, with instant dollar conversion to reduce adoption barriers.

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$80M Hyperliquid Whale Bet Predicts Bitcoin Crash and Oil Rally

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$80M Hyperliquid Whale Bet Predicts Bitcoin Crash and Oil Rally

Key takeaways:

  • A Hyperliquid whale placed an $80 million bet against Bitcoin and the S&P 500 while going long on Brent crude oil prices.

  • The whale’s history of massive losses and inconsistent signals suggests the trade could fall on the wrong side of the market.

Bitcoin (BTC) showed strength on Wednesday, bouncing back from Tuesday’s $66,000 low after President Donald Trump teased a potential ceasefire in the US and Israel-Iran war. Even with Bitcoin trading above $68,000, one whale used Hyperliquid DEX to place an $80 million bet on a market collapse. 

Traders are now watching closely to see if this whale’s massive position signals a looming Bitcoin price drop.

Hyperliquid whale 0x94d373…c933814 position. Source: CoinGlass

The Hyperliquid whale, linked to address 0x94d373…c933814, carefully built this nearly $80 million leveraged position between Tuesday and Wednesday. The trade includes a $40 million short (sell) on Bitcoin futures near $68,760, a $2 million short on synthetic S&P 500 Index contracts, and a $37 million long (buy) in synthetic Brent oil contracts.

Crude Brent oil (left) vs. Bitcoin/USD (right). Source: TradingView

The whale’s aggregate position leverage stood at 7 times, indicating high conviction. The Bitcoin futures liquidation price was $80,083, while the Brent oil position would be forcefully terminated above $93. The timing of the trade is curious as S&P 500 Index futures gained 4% between Tuesday and Wednesday as traders anticipate the US and Israel-Iran war dissipating over the next few weeks.

On Wednesday, President Trump said “Iran’s New Regime President” is considering a “ceasefire,” although the conditions to fully reopen the Strait of Hormuz remain unknown. Iran demands reparations and sovereignty. Thus, one could assume that the Hyperliquid whale is counter-trading the market’s optimistic take, betting that Brent crude oil prices will jump while Bitcoin loses its value.

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This Hyperliquid whale previously lost $40 million

This address belongs to a particularly unlucky whale, or at least one who has been extremely unsuccessful since late January. The Hyperliquid whale apparently uses bots for execution, given the sheer number of small trades that build into huge positions, but it still managed to lose $37 million in its first month of activity in December 2025.

The same user was flagged by X user ‘lookonchain’ on Feb. 5 after taking a massive loss on leveraged bullish bets on Ether (ETH), Bitcoin, Solana (SOL), and XRP (XRP). 

Source: X/lookonchain

According to the analysis, the whale had previously made $25 million in profits from shorts in multiple cryptocurrencies, but decided to flip the position on Feb. 4, resulting in a $40 million loss. There is no way to know exactly what triggered this entity to place those bets, but the event proves that even whales can misinterpret the market.

Related: Warren Buffett bought $17B in US T-bills: A bad omen for Bitcoin price?

The erratic signals from President Trump regarding a potential full-on invasion and the war in Iran leave room for opposing views. Iranian Foreign Minister Abbas Araghchi denied there were talks for a ceasefire but confirmed to Al Jazeera on Tuesday that there was an intention to end the war, according to CNBC.

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Given the history of this whale’s market positioning and its track record of losing trades, it’s possible that the current $80 million bet may fall on the wrong side of the market.