Positioning data is starting to reflect that shift. Open interest is now heavily concentrated in $60,000 put options, suggesting traders are increasingly focused on downside protection, while the put-to-call ratio has climbed to 1.3 over the past 24 hours. Liquidations have also picked up, with about $450 million wiped out across the market during that period. Bitcoin has remained largely rangebound between roughly $60,000 and $75,000 in recent weeks, still well below its October 2025 peak near $126,000, and with the expiry now behind it, some investors suggest price action could begin to reflect broader macro trends more directly rather than short-term derivatives positioning.

The broader market backdrop is not offering much support. Global equities and bonds have come under pressure amid concerns that a prolonged conflict could keep oil prices elevated and slow growth, with Brent crude hovering near $111 and major indexes declining, including the Nasdaq 100 entering correction territory. Crypto flows are also showing signs of sensitivity to those shifts. While March has seen about $1.4 billion of net inflows into Bitcoin ETFs, investors pulled $171 million from spot products in a single session, and roughly $260 million exited crypto-focused ETFs more broadly, including about $140 million from the iShares Ethereum Trust ETF. With Bitcoin accounting for nearly 60% of the roughly $2.3 trillion digital asset market, its next move could remain closely tied to how macro risks evolve and whether geopolitical tensions begin to ease.
source: https://www.tradingview.com/news/gurufocus:64916dcdf094b:0-bitcoin-drops-4-3-as-14-billion-options-expiry-pressures-market/