Crypto markets will face a key test this week, with quarterly option expirations coinciding with a key US inflation figure that could determine whether the rally continues or stops. About $22.30 billion of crypto options will expire as the third quarter ends on Friday, according to Deribit, with bitcoin options worth $17.06 billion in nominal terms. Greg Magadini, head of derivatives at options analysis platform Amberdata, said the current bitcoin expiration cycle is "the largest in history".
Dealer positions show "significant short gamma positions at $109,000 and $108,000", he says, meaning these price levels must be maintained or risk triggering a sharp decline. Much of Bitcoin's short-term volatility depends on options traders and large institutions, which hedge their positions in real time. Their exposure to "gamma" - a measure of how quickly hedging needs to be adjusted - can amplify price movements and help stabilise the market. Short gamma positions mean traders may be forced to sell when the market falls, exacerbating price falls.
Analysis: Interest rate cuts and quarterly option expiration leave Bitcoin at a crossroads
2025-09-26 03:52:32
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