Bitcoin Loses Its Price Anchor After $6.4 Billion Options Expiry. Will the Fed Replace It?

A $6.4 billion monthly options expiry removed the options market’s pinning effect that had been anchoring Bitcoin’s price, leaving the asset without that technical support. With those strike-induced pressures gone, BTC has become more susceptible to spot flows, liquidations and higher intraday volatility. Market participants now see the Federal Reserve’s policy path and liquidity conditions as the primary external anchor that will determine Bitcoin’s near-term direction. The implication for Bitcoin is greater macro sensitivity—Fed signals on rates and liquidity are likely to drive the next sustained move.