{"id":30034,"date":"2026-06-05T10:19:10","date_gmt":"2026-06-05T09:19:10","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/06\/05\/bitcoin-eth-xrp-sol-options-data-crash-signal\/"},"modified":"2026-06-05T10:19:12","modified_gmt":"2026-06-05T09:19:12","slug":"bitcoin-eth-xrp-sol-options-data-crash-signal","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/bitcoin-eth-xrp-sol-options-data-crash-signal\/","title":{"rendered":"Bitcoin, ETH, XRP, SOL: Are Options Data Signaling an Even Deeper Crash?"},"content":{"rendered":"\n

Bitcoin<\/strong> has just broken below its 200-week moving average<\/strong> \u2014 a threshold traders widely regard as the last line of long-term bullish defense. The correction now exceeds 21%<\/strong>, dragging ETH<\/strong>, XRP<\/strong>, and SOL<\/strong> into a synchronized selloff that has wiped out weeks of gains.<\/p>\n\n\n\n

Against this backdrop of widespread panic, two major catalysts are converging this Friday: a massive crypto options expiration<\/strong> and the release of the US Nonfarm Payrolls (NFP)<\/strong> report. The combination of the two could amplify short-term volatility \u2014 or, on the contrary, mark a capitulation point.<\/p>\n\n\n\n

Here is what the market data actually reveals about what comes next.<\/p>\n\n\n\n

Bitcoin Below the 200-Week MA: A Break That Changes Everything<\/h2>\n\n\n\n

The 200-week moving average<\/strong> is one of the most closely watched indicators among institutional investors<\/strong> and long-term holders. Historically, Bitcoin<\/strong> has only closed below this level during the most severe bear market<\/strong><\/a> phases \u2014 most notably in 2018 and briefly in 2022. A confirmed weekly close beneath this level would send a strong structural bearish signal to the entire market.<\/p>\n\n\n\n

In the options market, data from CoinGlass<\/strong> shows a significant buildup of puts (sell options)<\/strong> at strike prices below current levels for BTC<\/strong>. The put\/call ratio<\/strong> remains elevated, reflecting a dominant defensive sentiment among derivatives traders. Market makers<\/strong>, forced to hedge their net exposure, are compelled to sell spot as the price falls \u2014 a negative gamma<\/em> dynamic that mechanically accelerates the decline.<\/p>\n\n\n\n

This Friday’s options expiration<\/strong> covers several billion dollars in open interest. Once that hurdle is cleared, the selling pressure tied to position hedging could dissipate, opening a window for stabilization \u2014 provided the macro environment does not throw another spanner in the works.<\/p>\n\n\n\n

NFP + Options Expiration: Friday’s Explosive Cocktail<\/h2>\n\n\n\n

The Nonfarm Payrolls (NFP)<\/strong> released this Friday represent a top-tier macro risk event. A stronger-than-expected jobs print would reinforce expectations that the Fed<\/strong> will keep rates elevated for longer, weighing on risk assets \u2014 including cryptocurrencies<\/strong>. Conversely, a disappointing figure could reignite hopes of a monetary pivot<\/strong> and trigger a technical bounce.<\/p>\n\n\n\n

ETH<\/strong>, XRP<\/strong>, and SOL<\/strong> are amplifying Bitcoin<\/strong>‘s correction with losses that in some cases exceed those of the market leader \u2014 a classic behavior during risk-off<\/em> phases where altcoins<\/a> experience a negative leverage effect. On TradingView, the key support levels to watch are: ETH around $2,000<\/strong>, XRP below $0.45<\/strong>, and SOL in the $100\u2013$105 zone<\/strong>. A clean break below these levels would open the door to further downside extensions.<\/p>\n\n\n\n

On-chain<\/strong> data from CryptoQuant<\/strong> also flags a rise in exchange inflows<\/strong> for ETH<\/strong> and SOL<\/strong> \u2014 a sign that some short-term holders are liquidating their positions, adding to selling pressure. The combination of an options expiration<\/strong> and a macro catalyst creates a window of extreme volatility in the hours ahead.<\/p>\n\n\n\n

Capitulation or Technical Bounce: What the Data Suggests<\/h2>\n\n\n\n

Despite the severity of the correction, some indicators point to a possible short-term stabilization. The Fear & Greed Index<\/strong><\/a> has fallen back into extreme fear territory \u2014 a level that historically tends to precede technical bounces, even within broader downtrends. The mass liquidations<\/strong> of long positions recorded over the past 24 hours may have flushed out a portion of the excess leverage that built up during the previous bullish phase.<\/p>\n\n\n\n

That said, caution remains warranted. A weekly close for Bitcoin<\/strong> below the 200-week MA<\/strong> without a swift recovery would shift the medium-term bias of many funds<\/strong> and systematic traders. A move back toward $70,000<\/strong> \u2014 or even $65,000<\/strong> \u2014 cannot be ruled out if institutional buyers fail to defend current levels with conviction.<\/a><\/p>\n\n\n\n

The next key decision point comes in the hours following the NFP<\/strong> release: the market’s reaction to that figure, combined with the digestion of the options expiration<\/strong>, will shape the short-term trajectory for the entire crypto market.<\/p>\n\n\n\n

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