IBIT Options Expiry Tests Market Pressure Ahead of Fed Decision
The concentration of IBIT options expiring on September 18 has drawn attention from market analysts. According to CBOE data, there are 1,465,553 open contracts for this expiry, consisting of 833,070 calls and 632,483 puts. At an IBIT reference price of $42.87, the gross underlying share value corresponds to 146.6 million shares.
The largest individual position is at the $45 strike with 141,670 contracts, while the $40 strike holds 122,979 contracts. These strikes correspond to Bitcoin prices between roughly $70,900 and $79,700. The concentration of these positions may create pressure points in the market if Bitcoin prices stay within this range.
The expansion of institutional capacity for hedging and liquidity provision by the SEC in July 2026 has also contributed to the increased activity in IBIT options. In August, call-option volume hit a record 1.58 million contracts, with $1.03 billion in fresh inflows between August 19 and August 21.
The Federal Reserve's interest rate decision on Wednesday may have a significant impact on the market, potentially breaking through the concentration of positions at the $40 to $45 strike range.