Bitcoin Holds $94,000 After $7.2 Billion Options Expiration, Expected to Strengthen Amid Large Holders' Buying

Bitcoin (BTC) maintains its position around $94,000 after the $7.2 billion options expiration, with growing expectations of medium to long-term strength amid large holder accumulation and increased centralized exchange (CEX) withdrawals. According to TheBlock on the 25th (local time), Bitcoin traded at $94,500 after the expiration of 76,709 option contracts with a nominal value of approximately $7.2 billion. In this expiration, call options outnumbered put options, with a put-call ratio of 0.73, and the max pain price was $86,000. Call options were primarily concentrated at strike prices of $95,000 and $100,000, indicating investors' expectations of long-term bullish trends. CoinPanel CEO Aran Hawker analyzed that "demand for long positions is increasing, targeting May and June expirations." Bitfinex's analysis team also assessed that a moderate level of optimism is forming in the Bitcoin market after this options expiration. They particularly noted increased interest in $95,000 and $100,000 call options as the $90,000 strike price settles, and anticipated positive price support from spot Bitcoin ETF inflows. Meanwhile, according to CryptoQuant, Bitcoin withdrawals from centralized exchanges have reached a two-year high, and glassnode also reported that large holders are actively purchasing Bitcoin during the recent rally. The 'Accumulation Trend Score' indicating major purchase activities has recovered to its highest levels since late 2024 and early 2025.