Bitcoin Slides Below $78,000 as Options-Driven Support Fades

Bitcoin slipped under $78,000 after hovering around $80,000, a level QCP said had been largely underpinned by options positioning. The firm noted that more than $4 billion in IBIT options expired last Friday, eroding at-the-money gamma support provided by market makers and reducing the mechanical bid for spot prices. Risk sentiment also softened as U.S. equities retreated from recent highs. Treasury yields moved higher, with the 10-year at 4.62% and the 30-year at 5.14%. USD/JPY climbed toward 160, raising the risk of official intervention and a potential unwind of yen carry trades. QCP said that without clear progress on tariffs or U.S.-Iran negotiations, crypto markets are likely to remain rangebound.