Bitcoin Drops Below $102K as Options Expiry and ETF Outflows Weigh on Crypto

• Bitcoin fell below $102K as $386.38M in liquidations hit; Fear and Greed Index stays high at 70, showing lingering investor interest.
• $3.1B in BTC and ETH options expiring, with max pain at $100K and $2,200; volatility expected during expiry window.
• ETH ETFs saw $5.15M in outflows; Grayscale leads with 3,983 ETH withdrawn as Ethereum nears $2,500 support.

Bitcoin dropped below $102,000 as markets reacted to major liquidations, ETF outflows, and looming options expirations. According to CryptoRank, the broader crypto market is experiencing a correction, dragging Ethereum closer to $2,500. 

📉 Market Overview

Market is undergoing a correction: $BTC has fallen below $102K, while $ETH is retreating toward the $2.5K mark.

Tokens in the @ethereum ecosystem have also seen a sharp decline, as $STRK, $ENA, and $EIGEN have each lost more than 10% of their value.

Market… pic.twitter.com/AQDts0Jc3E

— CryptoRank.io (@CryptoRank_io) May 15, 2025

The total crypto market cap is at $3.47 trillion. Over the last 24 hours, liquidation volume reached $386.38 million, indicating increased volatility. The Fear and Greed Index currently reads 70, indicating strong investor appetite despite recent pullbacks.

Weakness in Bitcoin and Ethereum ETFs

Lookonchain reported notable outflows across both Bitcoin and Ethereum exchange-traded funds on May 14. Bitcoin ETFs saw a combined net outflow of 915 BTC, worth $95.12 million. Fidelity alone accounted for 873 BTC in outflows. 

May 14 Update:

10 #Bitcoin ETFs
NetFlow: -915 $BTC(-$95.12M)🔴#Fidelity outflows 873 $BTC($90.69M) and currently holds 198,247 $BTC($20.6B).

9 #Ethereum ETFs
NetFlow: -1,979 $ETH($5.15M) 🔴#Grayscale(ETHE) outflows 3,983 $ETH($10.35M) and currently holds 1,129,089… pic.twitter.com/XwxH41DaSA

— Lookonchain (@lookonchain) May 14, 2025

Now it holds 198,247 BTC valued at $20.6 billion. Ethereum ETFs recorded a larger exodus of 1,979 ETH, equal to $5.15 million in value. Grayscale’s ETHE fund withdrew 3,983 ETH, maintaining 1,129,089 ETH, totaling $2.94 billion.

Santiment noted Bitcoin’s market cap is around $2.05 trillion. Bitcoin’s distribution shows 68% held by institutional wallets with 10–10,000 BTC, while retail investors control only 17.5%. 

Liquidity providers with over 10,000 BTC hold the remaining 14.5%. Ethereum wallets have similarly declined, with daily new wallets now averaging 112,000. Bitcoin leads with 309,000 new wallets per day, while XRP and USDT follow with 3,500 and 36,400 respectively.

Over $3.1B in Crypto Options Set to Expire

According to Deribit, a major expiry event is scheduled for tomorrow at 08:00 UTC, with $3.1 billion in BTC and ETH options set to expire. Of that, $2.66 billion is in Bitcoin options, with a nearly balanced put/call ratio of 0.99. 

🚨 Options Expiry Alert 🚨

Tomorrow 08:00 UTC: Over $3.1B in BTC & ETH options expire on Deribit.$BTC: $2.66B notional | Put/Call: 0.99 | Max Pain: $100K
$ETH: $525M notional | Put/Call: 1.24 | Max Pain: $2,200

BTC skew is neutral, ETH puts slightly outweigh calls. Price… pic.twitter.com/jBj4C4tMvX

— Deribit (@DeribitOfficial) May 15, 2025

The max pain price is at $100,000. Ethereum’s share of the expiry is $525 million, with a put/call ratio of 1.24 and max pain at $2,200. Market outlook suggests potential price fluctuations during and after the event. This options expiry coincides with high losses among Ethereum ecosystem tokens. 

CryptoRank noted that STRK, ENA, and EIGEN each dropped over 10%. This follows Binance’s announcement of listing Nexpace (NXPC) today, with trading pairs across USDT, USDC, BNB, FDUSD, and TRY. Meanwhile, MetaMask co-founder Dan Finlay commented that a native token for the wallet is still uncertain.

Binance will list Nexpace (NXPC) on May 15, 2025, at 15:30 (UTC+8), and open trading pairs with USDT, USDC, BNB, FDUSD, and TRY. NXPC will be subject to the Seed Tag trading rules. Additionally, the Binance HODLer Airdrop for NXPC is now live.https://t.co/hnHUTU4nBL

— Wu Blockchain (@WuBlockchain) May 15, 2025

Small Cap Tokens Lead in Daily Gains

While large caps struggle, smaller tokens posted notable gains. According to CryptoRank, aUselessCoin surged by 63%, while Litentry rose by 60.5%. TomiPioneers climbed by 53.1%, followed by Naiivememe at 41.4% and RatoTheRatCoin at 41%. 

Despite market broader weakness, select altcoins continue to attract market interest. These gains came as the Ethereum market faced broader declines, indicating mixed sentiment across crypto assets.