Yeliz Akmaca 
Bitcoin price faces significant pressure ahead of the September 26 options expiry. According to Glassnode, BTC could slide to $105,500 if it fails to hold above $115,200.
$4.5 Billion Options Expiry Could Shake the Market
Today, $4.5 billion worth of Bitcoin and Ethereum options are set to expire. On Deribit, $3.52 billion in 30,000 BTC options will mature. The put-call ratio stands at 1.23, signaling that traders have increased bearish bets after the recent rally.
Over the last 24 hours, the put-call ratio dropped to 0.77. Call volume exceeded 22,300 compared to 17,250 puts, showing cautious sentiment among investors ahead of expiry.
Max Pain Price for Bitcoin Stands at $114,000
Deribit data shows Bitcoin’s maximum pain price at $114,000. Traders may attempt to pull BTC toward this level, while heavy put options remain concentrated between $100,000 and $108,000.
On the Ethereum side, more than 177,000 contracts worth $0.8 billion will expire. The put-call ratio is at 1, with a max pain price of $4,500, creating downward pressure on ETH as well.
- BTC max pain: $114,000
- BTC key support: $115,200
- BTC downside target: $105,500
- ETH max pain: $4,500
Glassnode: Downside Risk to $105,500 Intensifies
Glassnode data reveals that 95% of BTC holders are currently in profit, raising the risk of profit-taking. Open interest in Bitcoin options has surged to a record 500,000 BTC.
The market is also entering a “triple witching” phase, as weekly, monthly, and quarterly expiries overlap, concentrating flows and liquidity. Unless bulls defend $115,200, Bitcoin could decline toward $105,500.
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