Bitcoin declined on Friday, capping a subdued week as heightened risk aversion tied to the Iran conflict and the looming $14 billion options expiry kept traders cautious on cryptocurrencies.
The world’s largest digital asset dropped 1.9% to $68,739.5 by 02:18 ET (06:18 GMT), putting it on track for a weekly loss of about 0.3%.
Conflicting signals surrounding the U.S.-Israel conflict involving Iran dampened Bitcoin’s earlier momentum, particularly as Washington and Tehran issued mixed messages about the prospects for a ceasefire.
Bitcoin is approaching a $14 billion options expiry on Friday, with most open positions set to settle on the Deribit exchange.
Market attention is firmly on potential price volatility before and after the expiry, particularly against the backdrop of heightened uncertainty driven by the Iran conflict.
According to Bloomberg, the “maximum pain” level—where the most options would expire worthless—is around $75,000. Large institutional players may try to steer prices toward this level to minimize payouts to option holders.
However, as contracts roll off, hedging activity in the near term is expected to decline, potentially leaving Bitcoin more vulnerable to external shocks, especially geopolitical tensions in the Middle East.
Although Bitcoin initially gained following the onset of the conflict nearly a month ago, it has struggled to break past the $75,000 mark. This comes after the cryptocurrency had already fallen by as much as 50% from its late-2025 peak near $126,000.
Much of the recent upward movement may also have been driven by hedging flows ahead of the options expiry.
Crypto price today
Cryptocurrency markets broadly moved lower on Friday, weighed down by mixed signals on a possible de-escalation in the Iran conflict, although prices stayed above their weekly lows.
Ether, the second-largest digital asset, fell 2.6% to $2,066.74, while XRP declined 1.7% to $1.3628. Solana and Cardano each dropped more than 3%, with BNB down about 1%.
Among memecoins, Dogecoin slipped 0.7%, while $TRUMP lost 1.1%.
Market sentiment improved slightly after U.S. President Donald Trump extended the deadline for potential strikes on Iran’s key energy infrastructure and signaled that talks with Tehran were ongoing.
Still, Iran said it was reviewing a 15-point ceasefire proposal from Washington and dismissed the prospect of direct negotiations.
Overall, the conflict showed few clear signs of easing as it entered its fifth consecutive week.
Sources: Ambar Warrick
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