Bitcoin Blazes Past $80,000 as $6 Billion Options Expiry Looms

Bitcoin has broken above $80,000 for the first time in weeks, driven by a $6 billion options expiry and renewed risk appetite across the crypto market. The rally comes just ahead of a major monthly options expiry, with open interest exceeding $6 billion, according to derivatives data.

The move is being fueled by short-term technical momentum and improving market sentiment, which has seen Bitcoin climb from the mid-$70,000 range over the past week. Breaking through several resistance levels on higher-than-average volume has contributed to the price surge.

Ethena (ENA), a synthetic dollar protocol, has emerged as one of the top-performing altcoins in recent hours, with its token jumping by over 15%. The project's yield-bearing stablecoin offerings are gaining traction among investors seeking alternatives to traditional stablecoins in a rising rate environment.