Bitcoin Tests $59K as ETF Outflows and Options Expiry Weigh on Market
Key takeaways
- The largest cryptocurrency dropped to an intraday low of $58,189 before stabilizing near the $59,000 area, leaving BTC down more than 6% over the week.
- About $10.6 billion in Bitcoin contracts are set to expire on Deribit on Friday, putting one of the year's largest quarterly settlements directly into a weakening spot market.
- Ripple, The Company Behind XRP, Is Valued At $50 Billion
Bitcoin Tests $59K as ETF Outflows and Options Expiry Weigh on Market Crypto Prowl Sat, June 27, 2026 at 12:32 AM GMT+7 2 min read BTC-USD Bitcoin (CRYPTO: $BTC) fell back below $60,000 Friday as spot ETF outflows, leveraged liquidations and a large options expiry put fresh pressure on the market's strongest institutional trade.
The largest cryptocurrency dropped to an intraday low of $58,189 before stabilizing near the $59,000 area, leaving BTC down more than 6% over the week. The break lower came after U.S. spot Bitcoin ETFs posted $691.7 million in net outflows Thursday, their heaviest daily redemption since late May and another sign that fund demand is no longer absorbing supply at the same pace.
The options market is adding to the strain. About $10.6 billion in Bitcoin contracts are set to expire on Deribit on Friday, putting one of the year's largest quarterly settlements directly into a weakening spot market. Bitcoin was trading well below the roughly $72,000 max pain level, leaving many contracts on pace to expire out of the money.