🇺🇸 Pinned by Expiry: When Markets Can’t Breathe
Options hedging, ETF outflows, and dealer positioning are compressing price action as short-term pressure builds near key support.
🪙 Crypto Market Overview
Price remains unstable below $90,000, with ETF outflows and repeated liquidation sweeps keeping conditions choppy. Another important force is at work today: options expiry dynamics.
Roughly $2.1B in crypto options roll today — $1.81B in BTC and $337M in ETH. Max pain sits near $92,000 for BTC and $3,250 for ETH, which helps explain why spot price keeps snapping back toward the same narrow zone. With trade and geopolitical noise still in the background, hedging demand hasn’t eased, and that’s showing up as erratic intraday swings.
Dealer positioning matters here. Gamma exposure implies dealers are effectively selling into strength and buying into weakness, mechanically pinning price. That structure also explains yesterday’s sharp dip toward $88,000, where a large cluster of liquidations was sitting after the PCE/GDP release.
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