Bitcoin fell on Friday, ending a quiet week, as risk aversion over the Iran war and the anticipation of a massive $14 billion options expiration kept traders cautious about cryptocurrencies.
The world's largest cryptocurrency fell 1.9% to $68,739.5 by 10:18 (06:18 GMT) and was on track to lose 0.3% for the week.
Conflicting signals about the US and Israel's war against Iran largely sapped Bitcoin's initial momentum this week, especially as Washington and Tehran gave conflicting signals about a possible ceasefire.
Bitcoin Heads for $14 Billion Options Expiration on Friday
About $14 billion in Bitcoin options are scheduled to expire later Friday, with the bulk of open positions closing on the cryptocurrency exchange Deribit.
Attention is focused on Bitcoin price fluctuations leading up to and after expiration, particularly amid broader market volatility caused by the conflict with Iran.
A Bloomberg report identified a maximum "pain level" for Bitcoin at around $75,000—where the largest number of options expire worthless. Large institutional investors and fund managers could push the price toward this level to limit payouts to buyers.
However, contract rollovers are expected to reduce short-term hedging activity in cryptocurrency markets, leaving Bitcoin more vulnerable to external shocks, particularly war in the Middle East.
While Bitcoin has shown some strength since the conflict began nearly a month ago, it has failed to break above $75,000. This comes after the world's largest cryptocurrency lost up to 50% from its late-2025 all-time high of nearly $126,000.
Much of Bitcoin's recent strength may also have been driven by hedging activity ahead of Friday's expiration.
Cryptocurrency Prices Today: Altcoins Fall Amid Iran De-escalation
Broader cryptocurrency prices were mostly lower on Friday amid conflicting signals about de-escalation in the war with Iran, although they traded above their weekly lows.
The world's second-largest cryptocurrency, Ether, fell 2.6% to $2,066.74, while XRP fell 1.7% to $1,3628.
Solana and Cardano each fell more than 3%, while BNB fell 1%.
Among memecoins, Dogecoin fell 0.7%, while $TRUMP lost 1.1%.
Risk sentiment improved slightly after US President Donald Trump extended the deadline for attacks on key Iranian energy facilities on Thursday, while stating that negotiations with Tehran were ongoing.
Iran, however, only stated that it was considering a 15-point ceasefire proposal from the US and ruled out direct negotiations with Washington.
The conflict showed no signs of de-escalating, entering its fifth consecutive week.