Bitcoin Dips Below $78.9K Holder Basis Ahead of $1.74B Options Expiry

Bitcoin trades near $77,000, slipping under its $78,900 short-term holder cost basis and $78,000 True Market Mean, as markets brace for a $1.74 billion Deribit options expiry with a bearish 1.10 put-call ratio and $76,000 max pain. From January's $697 million ETF inflows near $78,200 and March's $1.3 billion strategy buy amid Iran war de-escalation hopes, prices held resiliently above $73,900 despite escalation, supported by $763 million ETF inflows. A crash to $66,888 on April 3 followed Trump's address and tensions, but a 12% April rebound nearly hit $80,000; now Fear & Greed at 26, high PCE inflation, and $106 oil fuel caution.