Uncertainty over U.S.-Iran tensions and the approaching Bitcoin options expiry weighed on the crypto market. Bitcoin was trading around $68,886, down 2.94% in the past 24 hours. Ethereum fell about 4.45%, XRP declined 3.44%, and Solana shed roughly 4.92%, underscoring a broad pullback across major coins.
Market sentiment cooled further as risk-off dynamics took hold. The Fear & Greed Index stood at 10, signaling Extreme Fear for crypto traders. Open interest on Bitcoin options stood at about $140 billion ahead of Friday’s expiry, Bloomberg reported, marking the largest quarterly roll-over this year. This looming expiry could amplify daily moves as traders adjust their positions.
Analysts expect the weakness to persist in the near term as expiry-driven volatility compounds macro and geopolitical headwinds. Wintermute’s Jasper De Maere said market conviction remains weak, and volatility may surge once the expiry factor recedes. James Harris of Tesseract warned that, if weekend developments are negative, institutions could retreat quickly, removing the market’s cushions. Andreja Cobeljic of AMINA Bank noted that without a clear Middle East direction, Bitcoin could remain in a $60,000–$75,000 range; a credible truce could push above $75,000, while a failure could pull it toward about $68,500.
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