Record $15.6B options expiry crashes BTC to $66,500 - $450M liquidated

Bitcoin price plunged to $66,500 after the largest crypto options expiry of 2026 worth $15.58 billion took place on Deribit on March 28. The crash was accompanied by $450 million in liquidations and the largest single-day outflow from Bitcoin ETFs in three weeks.

Record expiry details

Approximately $15.58 billion in crypto options expired at 08:00 UTC on Deribit - the largest expiry of the year so far. Bitcoin alone accounted for 195,398 contracts worth $13.46 billion. The remainder consisted of Ethereum and other asset options.

The max pain level (the price at which most options lose value) stood at $75,000 - well above the market price at expiry. This meant call option buyers suffered significant losses, while put sellers were also caught off guard by the deeper-than-expected decline.

$450 million liquidation cascade

The price crash triggered a chain reaction of forced position closures. Around $450 million in derivative positions were liquidated within 24 hours. The lion's share. $300 million - came from long positions, while shorts accounted for just $50 million.

Institutional ETF outflows

Alongside the crash, investors pulled $171.12 million from 11 U.S.-listed spot Bitcoin ETFs - the largest single-day outflow in over three weeks. BlackRock's IBIT lost $41.92 million, while FBTC, GBTC, BITB, and ARKB each recorded withdrawals of $20-30 million.

The outflow was broad-based, affecting all 11 funds, pointing to systematic risk reduction rather than issues with any single issuer. Ethereum ETFs also suffered, with $92.54 million in outflows.

Macroeconomic pressure

The crypto sell-off coincided with several adverse macro factors. The U.S. 10-year Treasury yield approached a one-year high of 4.5%, making risk assets less attractive. Oil prices exceeded $100 per barrel due to geopolitical escalation in the Middle East surrounding Iran.

However, analysts note that ETF outflows represent short-term hedging and capital rotation rather than a shift in long-term investor conviction. Since the beginning of March, Bitcoin ETFs have attracted over $2.5 billion, and the current correction has not yet disrupted the to sum up uptrend in institutional interest.

What's next for Bitcoin

Following the expiry, Bloomberg analysts warn of potential further downside as options traders have shifted to defensive strategies, with a growing share of put options. The Fear and Greed Index sits in the "extreme fear" zone, which historically has often preceded a bounce, though it typically requires macro stabilization first.

The nearest support levels are $65,000 and $62,000. If the geopolitical situation stabilizes and the Fed signals monetary policy easing, Bitcoin could return to the $70,000-72,000 range by mid-April.