Bitcoin declined by nearly 3% to $68,500 on Friday, marking another challenging stretch as weekly losses reached 2.7%. The move came amid ongoing geopolitical turbulence surrounding Iran and anticipation of a massive options expiry, drawing market participants’ focus to several high-impact factors shaping sentiment.
Geopolitical Risks And Market Reaction
Trading during the week closely tracked headlines out of the Middle East. Following a fresh announcement from Donald Trump, who is currently the U.S. President, the ceasefire deadline with Iran was extended by 10 days. This initially spurred a minor rally in crypto markets as oil corrected downward. However, renewed concerns arose after reports emerged that the Pentagon is considering a deployment of up to 10,000 additional U.S. troops to the region. In tandem, the broader cryptocurrency market’s capitalization contracted by 1% to $2.4 trillion, and global risk appetite appeared subdued.
Options Expiry And Short-Term Uncertainty
A major trigger hanging over the market involves the scheduled expiration of $14 billion in Bitcoin options contracts on Deribit. Analysts pinpoint the max pain point—the price level at which the bulk of options become worthless—around $75,000. Market observers believe this expiry could reduce hedging activity, amplifying Bitcoin’s sensitivity to further geopolitical developments from the Middle East.
Despite multiple efforts in recent weeks, Bitcoin has not managed to sustain values above $75,000, reflecting ongoing discomfort among traders. The largest cryptocurrency continues to trade at a level roughly 50% below its all-time peak set in late 2025.
The options event is widely seen as a test of near-term market resilience. In one technical assessment quoted in news coverage, Ted Pillows asserted that another bear flag has formed, and a daily close below $66,000 could set the stage for a new leg lower.
Beyond Bitcoin, peer assets took heavy losses as well. Ethereum fell 4.6% to $2,050, Solana dropped 5.3% to $85.93, and XRP moved down 2.8% to $1.36. Tron emerged as an outlier, advancing by 1.2%.
Asian equities followed crypto lower, with South Korean technology stocks such as Samsung and SK Hynix weighing on the region’s indices.
Whale Accumulation And Institutional Flows
Despite the downtrend, blockchain data from analytics provider Santiment shows that large holders have been steadily accumulating. So-called “whales” and “sharks,” addresses owning between 10 and 10,000 BTC, added 61,568 BTC in the past 30 days, equating to a 0.45% increase in ownership. Smaller addresses holding less than 0.01 BTC purchased an additional 213 BTC during the same period.
Dominick John of Zeus Research emphasized that these investors are accumulating during periods of weakness, suggesting anticipation of a possible breakout move. He also cautioned that excessive attention from smaller investors could precede a correction phase before further increases occur.
Institutional capital continues to flow into Bitcoin exchange-traded funds. Recent Bloomberg data put total net inflows for U.S.-listed Bitcoin ETFs at $2.5 billion during the past four weeks. BlackRock’s Bitcoin ETF now ranks among the highest for inflows this year, and the firm noted an ongoing institutional focus on Bitcoin and Ethereum at the expense of altcoins.
Meanwhile, the Crypto Fear & Greed Index reached 13, entering “extreme fear” levels—a sentiment consistent with recent weeks. Market watchers now look ahead to early April, when Trump’s extended ceasefire deadline with Iran comes due, as a possible source of further volatility.
