Bitcoin Falls to $104K Amid Expiring Options, Corporates And Governments Buy In

Bitcoin BTC/USD slipped 1.10% to $104,662 amid bullish ETF flows and a jump in corporate treasury moves. With options set to expire on June 6, traders are on alert for sharp swings and fresh positioning.

Deribit reported that $3.21 billion of the June 6 expiry is in Bitcoin options, with a put/call ratio of 0.76. The max pain point sits at $105,000, above BTC’s current levels. The tilt suggests traders favor a slight rebound before expiry, leaving $105K as a key pivot.

K Wave Media KWM rallied more than 132% after announcing a $500 million equity sale to fund Bitcoin buys. “We plan to hold Bitcoin long term,” said Ted Kim, co-interim CEO. According to The Block’s data, over 20 public companies now hold at least $5 million in BTC, signaling growing corporate adoption.

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Elsewhere, real estate mogul Grant Cardone, rolled out the 10X Miami River Bitcoin Fund, anchoring a 346-unit Miami River property with scheduled Bitcoin purchases. “Tenants will effectively buy Bitcoin for you,” Cardone told Decrypt in Las Vegas. His firm, Cardone Capital, manages $5 billion in assets and is pitching the fund to accredited investors.

In Sacramento, Assembly Bill 1052 cleared the California Assembly 78-0. Under the bill, exchanges must hand over unclaimed Bitcoin after three years of inactivity. “Your Bitcoin stays intact,” X user, formerly Twitter, Eric Petersen wrote. Critics fear privacy erosion, but proponents argue owner assets remain unliquidated.

Calamos Investments unveiled the CBOJ ETF, the first Bitcoin fund offering 100% downside protection. John Koudounis, President and CEO of Calamos Investments, said the product marries principal safety with crypto exposure. Market observers note this may lure cautious institutions and shift perceptions of digital assets as safer, regulated vehicles.

Options expiry and ETF flows set the stage for short-term resistance around $105,000. If BTC clears the level, the focus shifts to $110,000. A failure to hold could test support near $100,000. Traders will watch the June 6 expiry data closely for cues on market positioning and volatility.

California lawmakers advanced Assembly Bill 1180, a pilot to let state agencies accept digital currencies for fees. If passed, the Department of Financial Protection and Innovation must report on technical hurdles and adoption by January 1, 2028. About 117 merchants in California take Bitcoin payments, signaling rising mainstream use.

The push toward self-custody gained momentum as AB 1052 critics warned of forced exchange relinquishment. “If you want real control, hold your keys,” X user Hailey Lennon, a crypto attorney, posted. The sentiment often drives holders away from exchanges and toward hardware wallets or non-custodial solutions.

K Wave Media and Japan’s Metaplanet laid out blueprints for public companies to hold BTC alongside traditional assets. As Asia catches on, more firms may allocate parts of their balance sheets to crypto, deepening Bitcoin’s role as a reserve asset.

Traders will balance ETF inflows, corporate purchases, and options expiry data. Legal shifts in California could nudge more holders toward self-custody. Risk-protected products may attract new capital. If demand persists, Bitcoin could test $110,000 by mid-June. Any macro or regulatory headwinds might trigger sharp pullbacks.

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