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The Wire — B.R.O.

ETF Divergence, Geopolitics, Options Repricing Weigh on BTC

Your daily access to the back room.

,   and  Blockhead
3 min read

Key Takeaways

  • Approximately 34K BTC and 220K ETH options expired today with max‑pain at $118K for BTC and $4.25K for ETH. BTC short‑tenor IVs remain above 35% while ETH short‑tenor IVs are above 80% with markets re‑pricing near‑term volatility.
  • BTC ETFs logged a 5th straight outflow day (‑$194 million) while ETH ETFs saw +$288 million (led by BlackRock’s ETHA). This rotation favors ETH despite broader de‑risking.
  • Largest BTC liquidation cluster lies between $114.7K - $115K with near-term support at $111.2K and deeper support at $109.4K - $107.6K.

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