Bitcoin remains range-bound as a Trump-affiliated DeFi token, WLFI, experiences a significant decline amidst broader market volatility and options expiry.

Executive Summary

Bitcoin is holding steady within a narrow range, while the Trump-linked WLFI token has crashed to a new all-time low. The crypto options market anticipates potential volatility as a substantial amount of options expire. These movements occur against a backdrop of mixed market sentiment, influenced by upcoming economic data.

The Event in Detail

Bitcoin is down approximately 0.7% over the last 24 hours, trading within a constrained range. The CoinDesk 20 Index has declined by 1.3% since midnight, with most components experiencing losses. A significant $4.5 billion in crypto options is scheduled to expire on Deribit on Friday, coinciding with the release of the U.S. jobs report. The WLFI token, associated with Donald Trump, has slumped to a record low, shedding 21% of its value as initial investor hype subsides.

Market Implications

Derivatives market positioning suggests a bearish outlook, with put options outweighing calls, indicating a preference for downside protection. The high put-call ratio of 1.39 for Bitcoin options expiring on Deribit, with over 29K BTC options set to expire, signals prevailing bearish sentiment among traders who anticipate a price fall below $105,000. The WLFI token's poor performance highlights the risks associated with celebrity-endorsed digital assets.

Expert Commentary

According to Deribit, over $3.28 billion in Bitcoin options are set to expire. Puts have clustered around the $105,000-$110,000 strike price, suggesting traders are betting on further price declines. Nic Puckrin, CEO of Coin Bureau, noted that WLFI's governance rights differentiate it from other tokens.

Broader Context

The WLFI token's performance contrasts with the broader market recovery seen in other cryptocurrencies following the release of weaker-than-expected U.S. jobs data. The token launched on September 1, 2025, and gained immediate attention but has since faced sell-offs and whale activity, leading to a 60% drop from its peak. This also highlights the volatile nature of newly launched crypto assets, where initial enthusiasm can quickly turn into sharp price corrections, especially when significant token unlocks occur, as 20% of WLFI supply was unlocked on launch, leading to mass dumping by larger whales.