Crypto Daily | Bitcoin Faces $14 Billion Options Expiry; Coinbase Brings Token-Backed Down Payments to Housing Market

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Bitcoin Faces $14 Billion Options Expiry While Middle East Turmoil Mounts

Bitcoin’s largest options expiry of the year is colliding with geopolitical volatility that shows no sign of letting up with make or break peace talks uncertain.

Roughly $14 billion of Bitcoin options are set to expire Friday, as measured by the number for outstanding contracts, known as open interest. The quarterly rollover — which wipes out close to 40% of open positions on the dominant Deribit exchange — comes amid conflicting signals on the prospect of a halt to the nearly month-long war in the Middle East.

The overlap is sharpening a key question for traders: whether the expiry has been artificially muting Bitcoin’s price swings and if its removal will expose the token to a sharper move driven by geopolitics.

Trump Crypto Czar David Sacks Steps Down With Key Legislation Still Pending

David Sacks is stepping down from his role as the White House’s AI and crypto czar, closing out a short tenure that helped reshape the U.S. government’s approach to digital assets but left several major legislative efforts unfinished.

In an interview with Bloomberg on Thursday, Sacks said that his time as a special government employee had ended after reaching the 130-day limit. 

He will remain involved in the administration as co-chair of the President’s Council of Advisors on Science and Technology, where he will advise on a broader set of technology issues.

Crypto for a Home? Coinbase Brings Token-Backed Down Payments to Housing Market

Coinbase is teaming up with Better Home & Finance to let homebuyers pledge their crypto holdings as collateral for down payments, marking one of the most ambitious attempts yet ​to adapt digital assets for mainstream needs.

A prospective homeowner will be able to secure ‌a loan against the bitcoin or USDC in their Coinbase account to cover the down payment, the companies said on Thursday. The loan will be separate from the Fannie Mae-backed mortgage on the home.

The move will free homebuyers from having ​to sell their crypto to fund their downpayments, which is typically done via cash and ​cash equivalents.

MARA Holdings Sells Bitcoin to Reduce Debt and Improve Financial Standing

MARA Holdings, one of the largest Bitcoin mining firms in the U.S., said on Thursday that it had sold roughly 15,000 BTC for $1.1 billion to repurchase a portion of its convertible debt, describing the move as a way to improve its overall financial footing.

The sale, which represents 28% of MARA’s Bitcoin holdings, leaves the Miami-based firm with around 38,700 Bitcoin left in its corporate coffers. With Bitcoin changing hands around $69,000 on Thursday, that sum was worth $2.6 billion, according to CoinGecko.

MARA has entered into agreements with certain holders of its convertible notes allowing the company to repurchase debt at a 9% discount to par value, according to a press release. That translates to approximately $88 million in value saved before transaction costs.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $171.22 million. The total net asset value of Bitcoin spot ETFs is $88.36 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.40%.

The Bitcoin spot ETF with the highest net outflow on March 26 was iShares Bitcoin Trust (IBIT), with a net outflow of $41.92 million, according to SoSoValue.

Source: SoSoValue

The overall net outflow of the US Ethereum spot ETF on Thursday was $92.54 million. The total net asset value of Ethereum spot ETFs is $11.70 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.70%.

The Ethereum spot ETF with the highest net outflow on March 26 was iShares Ethereum Trust ETF (ETHA), with a net outflow of $140.24 million, according to SoSoValue.

Source: SoSoValue