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Bitcoin and the broader crypto market declined steadily during the U.S. trading session on Monday, reversing earlier gains and signaling continued volatility. Bitcoin (BTC) fell below $88,000 after briefly trading above $90,000, while Ethereum (ETH) also retreated, slipping back under the key $3,000 level. The pullback reflects cautious sentiment among traders as markets brace for a record-setting crypto options expiration later this week.
Despite the downturn in digital asset prices, some crypto-related stocks managed to hold onto gains. Hut 8 (HUT) stood out as a top performer, rising roughly 16% on Monday. The stock continues to benefit from last week’s announcement of a 15-year AI data center lease agreement with Fluidstack, as well as a price target increase from Benchmark analyst Mark Palmer. Coinbase (COIN) and Robinhood (HOOD) also traded higher, though both pared earlier gains as Bitcoin and Ethereum prices softened. Meanwhile, Strategy (MSTR), formerly MicroStrategy, swung from a 3% intraday gain to a modest loss by late afternoon, mirroring the broader crypto pullback.
Market participants are closely watching Friday’s massive Bitcoin and Ethereum options expiration on Deribit, the world’s largest crypto derivatives exchange. According to Deribit’s chief commercial officer Jean-David Pequignot, approximately $28.5 billion in BTC and ETH options are set to expire, representing more than half of the exchange’s total open interest of $52.2 billion. This historic expiration comes amid choppy price action, with Bitcoin oscillating between $85,000 and $90,000 in recent sessions.
Pequignot noted that Bitcoin’s “max pain” level sits near $96,000, a price point where options sellers would benefit most. However, significant open interest of about $1.2 billion is concentrated at the $85,000 put strike, which could exert downward pressure on spot prices if bearish momentum accelerates. While longer-term call spreads targeting $100,000 to $125,000 remain active, short-term protective puts have become more expensive, highlighting persistent caution.
Traders appear to be rolling defensive positions into January rather than exiting the market entirely, suggesting near-term risk management alongside longer-term uncertainty. Overall, the combination of falling crypto prices, elevated options activity, and shifting derivatives positioning underscores a cautious yet complex outlook for Bitcoin and the broader crypto market as year-end approaches.
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