Bitcoin Hits 21-Month Low As Expiring Crypto Bets Threaten More Selling

Bitcoin fell to a 21-month low as expiring crypto options contracts increased pressure on selling, extending a broader market downturn. On Thursday, bitcoin slid to an intraday low of $58,131, its lowest level since September 2024, before paring losses to trade around $59,460, down just over 2.6% on the day. The move extended a weekly decline of 6.6%, with losses also reported across ethereum, BNB, XRP, Solana, and Dogecoin. The decline coincided with roughly $10 billion in options bets set to expire Friday at Deribit, the largest crypto options venue, which can raise volatility as positions are closed or replaced. The article cites billionaire Philippe Laffont of Coatue Management, who said he was “a little bit more worried” about bitcoin and preferred investments such as SpaceX stock or AI-backed businesses. Since topping above $126,000 in October, bitcoin is down about 54%, and the total crypto market value has fallen to roughly $2 trillion from $4.28 trillion.