Options Expiry Removes $80,000 Support as Warsh Takes Stage at Jackson Hole

A $6.44B monthly options expiry on Deribit removed the hedging flows that held Bitcoin near $80,000 all week.

The expiry settled at $79,682.33, leaving the $80,000 calls worthless by $318 and removing the dealer hedging that had acted as a magnet.

Fed chair Kevin Warsh delivered his first Jackson Hole keynote at a symposium themed on payments innovation, but Bitcoin's median move around Jackson Hole over the past eight years is roughly 1%.