Bitcoin Tests $59K as Spot ETFs Shed $692M, $10.6B Options Expiry Looms Friday

Bitcoin slipped below $59,000 on Friday morning, trading around $59,100 as U.S. spot Bitcoin ETFs shed $692 million on Thursday, their largest single-day outflow since May 27, according to Farside Investors data. The cryptocurrency is down 6.4% over the past week and near its lowest level since September 2024. Over $1.1 billion in leveraged crypto positions were liquidated in the past 24 hours as traders were caught offside, with $875 million of those being long liquidations, according to CoinGlass. Friday will see approximately $10.6 billion in Bitcoin options expire on Deribit, the year's largest quarterly settlement, with roughly 80% of contracts on track to expire worthless given Bitcoin's trading level far below the roughly $72,000 max pain level.
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