Bitcoin has dropped to its lowest point in over three weeks as traders adopt a cautious stance following the largest options expiry of the year, while withdrawals from cryptocurrency exchange-traded funds continue.
On Friday, Bitcoin hit a low of $65,498, marking its lowest price since March 2. Approximately $14 billion worth of Bitcoin options expired that day, based on outstanding contracts known as open interest.
As of this writing, $BTC was down by 2.28% over the past 24 hours at $66,322 and had decreased by 6.11% for the week. Currently trading at a staggering 47.42% below its all-time high of over $126,000 reached in October 2025, some market indicators are suggesting oversold conditions; analysts speculate this could lead to a potential rebound for Bitcoin soon.
In light of these declines, large holders or “whales” are accumulating more Bitcoin—a development seen as an encouraging sign for an upcoming breakout. Data from Santiment reveals that whales and sharks holding between 10 and 10,000 $BTC have gathered an additional total of 61,568 $BTC, representing approximately a 0.45% increase within the last month.
Moreover, wallets containing less than 0.01 $BTC have also increased their holdings by about 0.42%, closely mirroring the accumulation rate observed among larger investors.
This March has recorded around $1.4 billion in net inflows into Bitcoin ETFs after four consecutive months marked by net outflows; however, on Thursday alone investors withdrew $171 million from spot ETFs.
The Question: Is Bitcoin Oversold but Not Out?
Amidst this slight optimism comes caution from crypto analyst Willy Woo who warns: “$BTC can remain oversold longer than one can maintain solvency.”
Caution: $BTC can remain oversold longer than one can maintain solvency.
— Willy Woo (@willywoo) March 28 2026
This statement was made in response to observations from another trader regarding extreme levels on the monthly RSI for Bitcoin—levels that historically have led to significant recoveries in price.
The market appears to be entering a consolidation phase characterized by reduced activity and defensive strategies among traders.
The warning issued by Woo suggests we may be experiencing stabilization following ongoing sell-offs within the market context.
According to data from Deribit exchanges,the highest open interest is now concentrated around puts at $60K with put/call ratios reflecting increased demand for downside protection leading into the weekend at rates reaching up towards 1 .3 .