Bitcoin Surges Near $86,000 as Market Conditions Improve Ahead of Quarterly Options Expiry
The Bitcoin price has rallied near $86,000 on improving market conditions ahead of the quarterly options expiry. According to Glassnode, spot buying pressure strengthened and derivatives positioning increased over the past week.
The Spot Cumulative Volume Delta (CVD) moved from a negative $97.9 million to a positive $46 million, representing a 147% improvement over the week. This indicates aggressive traders began lifting prices, marking a shift from net selling toward positive volume.
The derivatives market also showed increased activity, with futures open interest climbing 2.7% from $36.2 billion to $37.28 billion, moving slightly above its high statistical band. Long-side funding payments increased 47%, from $1.6 million to $2.3 million, suggesting traders taking bullish leveraged positions paid more to maintain exposure.
QCP analysts described the crypto market as 'relatively well bid', pointing to progress on the American Reserve Modernization Act (ARMA) and the upcoming quarterly options expiry, which is concentrated in the 85k/90k/95k/100k strikes from the large 25SEP26 Call Condor bought in August.