Bitcoin Price Spiked Above $97K, Following Today’s Record Options Expiry

Key Points

Earlier, Bitcoin’s price rebounded above $97,000, following a dip to $94,000 levels.
BTC’s price is sustained by renewed inflows in BTC ETFs, growing adoption, and optimism about 2025.

Bitcoin’s price spiked earlier above $97,000, following a dip to around $94,000, just before a record amount of $14 billion in BTC options expiry. Multiple factors and market optimism sustain the digital asset’s price.

BTC Price Spiked Above $97,000, Following a Dip to $94,000

Bitcoin’s price dipped earlier today at $94,700 levels, but quickly bounced back above $97,000 afterward. At the moment of writing this article, BTC is trading above $96,000, up by over 1.5% in the last 24 hours.

BTC’s price drop to $94,000 levels came right ahead of the latest options expiry of the year.

Over $14 Billion BTC Options Expired Today

Today, December 27, at 08:00 (UTC), a record amount of around $14 billion in BTC options expired, marking the highest number of options expiring on Deribit.

150,000 BTC options expired with a Put Call Ratio of 0.69, a Maxpain point of $85,000, and a notional value of $14.17 billion.

Also, 1.12 million ETH options expired with a Put Call Ratio of 0.41, a Maxpain point of $3,000, and a notional value of $3.74 billion.

A total of almost $18 billion in options expired today on Deribit, marking a record amount at the end of the year.

Today’s options expiry was expected to shake up the market; however, BTC’s price recovered fueled by multiple factors and continued optimism about the future.

Bitcoin ETFs Recorded Renewed Inflows on December 26

Yesterday, Bitcoin ETFs recorded over $475 million in inflows, marking the first inflow day following four consecutive days of outflows, according to SoSoValue data.

Fidelity’s BTC ETF, FBTC, recorded the highest amount of inflows at $254 million, followed by Ark and 21Shares’ BTC ETF, ARKB, with almost $187 million in inflows.

As of December 26, the total net assets locked in BTC ETFs were over $108 billion and the cumulative net inflows in the crypto products nears $36 billion since their launch in January.

These impressive numbers mirror increased institutional interest in BTC. Speaking of institutional interest, Bitwise recently made an important move in this direction.

Bitwise Files for Bitcoin Standard Corporations ETF

President of ETF Store, Nate Geraci, shared a post via X today, revealing that Bitwise filed for Bitcoin Corporations ETF.

He explained that Bitwise would own stocks of companies that have adopted the Bitcoin Standard, which they define as holding at least 1,000 BTC in their corporate treasury. Geraci noted that the “BTC treasury operations virus is spreading.”

Yesterday, another bullish announcement mirrored increased interest in BTC.

Strive Filed for Bitcoin Bond ETF

Geraci shared in an X post on December 26 that Strive filed for a Bitcoin Bond ETF that would seek exposure to convertible securities issued by MicroStrategy.

Strive is an asset manager founded by Vivek Ramaswamy and the company asked the US regulators for permission to list an exchange-traded fund investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers, according to the official filing.

Ramaswamy will lead the Dept. of Government Efficiency with Elon Musk, Trump recently announced.

MicroStrategy has recently brought optimism to the market with its announcement to issue 10 billion shares, potentially investing massive amounts in Bitcoin in 2025.

As of December 23, MicroStrategy was holding 444,262 BTC, currently valued at almost $43 billion.

Bitcoin Global Adoption Intensifies

Global Bitcoin adoption continues at the end of 2024, and countries around the world are already buying and mining BTC, as highlighted by Anthony Pompliano, founder and CEO of Professional Capital Management, who was interviewed by Fox Business yesterday.

In the interview, he highlighted that if the US doesn’t “get in the game”, the country will fall behind. Pomp said that countries will start buying Bitcoin, “not for price, not for the sovereignty, but actually as a sanctions hedge.”

He mentioned Russia as an example.

Russia Uses Bitcoin in Foreign Trade

On December 26, Reuters revealed that Russian companies have already begun using BTC and other digital assets in international payments following the latest legislative changes that allowed this in order to counter Western sanctions.

The statement was made by Finance Minister Anton Siluanov this week, Reuters reported. Recent sanctions have complicated Russia’s trade with its major partners including Turkey and China, as the local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators.

In 2024, Russia allowed the use of crypto in foreign trade and took steps to make it legal to mine BTC and crypto. Now, Russia is reportedly one of the global leaders in BTC mining.

Along with Russia and other countries, Trump has also confirmed an upcoming BTC Reserve in the US, fueling the market with optimism.

Bitcoin, Back on Track to Retest $100,000

Amidst global adoption and market optimism, Bitcoin is back on track to re-test $100,000. A trading metric on Binance Exchange measuring BTC demand suggests that the digital asset could re-test the crucial psychological level by the end of this year.

CryptoQuant contributor Burrakesmeci noted that the total volume of buy transactions executed by market takers on Binance (known as the Taker Buy Volume) has been establishing higher lows since October 28, indicating a potential upward trend.

In the post shared yesterday, the analyst revealed that the BTC Taker Volume reached $8.3 billion.