BTC Options

Bitcoin treasury firm Nakamoto owes Kraken 165 million USDT, more than its roughly $104 million stock market value. A new amendment pushes a 60 million USDT payment into 2027 and allows bitcoin options to count toward collateral tests.

Bitcoin is trading near $85,000 as a large quarterly options settlement approaches, with bullish call positioning dominating the book. Market participants are watching whether dealer hedging flows fade after expiry and open the door to renewed short term volatility.