Bitcoin dropped below $110,000 on Friday, recording a significant weekly decline. The main reasons were expiring options worth about $22 billion and the expectation of inflation data in the United States, which increased investor caution. The cryptocurrency dropped to $109,442, which was the lowest level in six weeks. A major expiration of options coincided with the end of the third quarter, adding pressure to the cryptocurrency. According to analysts, Bitcoin options worth more than $17 billion are coming to an end, with most of the open positions concentrated in bullish contracts. Such an event usually increases volatility, especially when breaking through key support levels. Earlier in the week, the decline was due to the liquidation of positions in the derivatives market, which «washed away» about $1.5 billion from the crypto markets. The sell-off was supported by traders aiming to profit from fluctuations through options, which again highlighted the high volatility of the market.
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