Key facts
- Bitcoin options worth $1.47 billion expired on October 16.
- Maximum pain price for the options expiry was $83,000.
- Implied volatility in options markets remains low.
- Gamma exposure is concentrated around $90,000.
- Reports indicated potential US military plans against Iran.
Bitcoin's negative sentiment persisted on October 16, influenced by the expiration of $1.47 billion in options and concerns over potential U.S. military action against Iran. The cryptocurrency market mirrored a broader financial market pullback, with Greeks.Live reporting that buyers remained cautious and unwilling to pay a premium for risk, leading to low implied volatility. The analytics firm noted that gamma exposure is increasingly concentrated around $90,000, with put options attracting gamma at $80,000. Meanwhile, reports indicated that the White House and Pentagon had plans ready for a potential bomb strike on an Iranian military installation, though the White House did not confirm these plans. Crypto analyst Michaël van de Poppe suggested that Bitcoin needs to hold its current weekly support level.