Having pulled back from the level where it was just inches away from the 2019 high, Bitcoin now continues to trade around $13,300. Today, it ranged between $13,120 and $13,656, trying to recover from Wednesday’s losses.

Meanwhile, the sizable expiry of just over 60k bitcoin options today could bring some movement in the market. The open interest has already risen to the mid $5 billion mark following the recent aggressive rally.

👀 10k Jan21 calls just crossed, looks like a 1×4 32k/36k Call Ratio.

Largest listed trade ever on Bitcoin options. pic.twitter.com/TKdYhSPnvw

— skew (@skewdotcom) October 30, 2020

While call options allow its holder to buy the underlying asset, here bitcoin at the stated price put options allow to sell it.

At the time of writing, BTC/USD has been trading at $13,342, up 1.60%, while managing $2.58 billion in daily trading volume.

For now, BTC is still trading in the green while the majority of the top 40 crypto assets are still experiencing losses. As a matter of fact, Bitcoin is the biggest gainer in the past month, with 23.75% in the green.

The stock market is not much different either, which is leading to the first signs of decoupling behavior between BTC and stocks.

It is based on NVTP, which approximates BTC's valuation with organic investor velocity on the blockchain.

“Buying from an influx of new users provides price support preventing speculators from trading the correlation downwards,” said on-chain analyst Willy Woo.

Instead of price movement, this is a sustained decoupling created by fundamental investment flow. As such, if stocks continue to rise, “the notion of decoupling is not so important.” And if stocks crash, “Bitcoin powered by its large adoption s-curve, swallowing ever more capital, will present perfectly good safe haven properties.”