Bitcoin Options Expiry Fades as Treasury Yields Test the Rally

A $15.6 billion batch of Bitcoin options tied to September 25 expired on Deribit, removing one potential short-term support for the price. The contracts had a maximum pain point around $76,000, but Bitcoin remained well above that level. This suggests that the derivatives event was not strong enough to pull BTC significantly lower.

The expiry of these options also means that some hedges will disappear or roll into later maturities, which could change the forces influencing short-term price behavior. The September expiry carried around 182,000 BTC in open contracts, with about 106,000 calls and 76,000 puts. Large call concentrations sat at $90,000 and $100,000.

However, a more significant challenge for Bitcoin comes from the macro backdrop. Treasury yields have risen to 5.20% for the 10-year yield and 5.48% for the 30-year yield, their highest levels since 2004. This creates a hurdle for investors to hold volatile assets like BTC.

Coinpaper's ETF flow update showed that U.S. spot Bitcoin funds are still attracting capital despite the struggles around $84,000. The earlier Treasury-yield spike demonstrated how sensitive crypto is to rates.