Key Notes
- Bitcoin’s implied volatility rebounded to 40%, with nearly 30% of options volume concentrated in puts.
- Despite the cautious sentiment, BTC price is showing an upside move, eyeing a breakout past $113,000 levels for a sustained rally.
- Analysts highlighted September’s weak historical track record for crypto, citing institutional rollovers and subdued capital inflows.
With $3.38 billion of Bitcoin BTC $113 097 24h volatility: 2.2% Market cap: $2.25 T Vol. 24h: $49.63 B options expiry on Sept. 5, BTC price is showing some strength with 1.77% upside. Now it has increased to $112,500 levels. Analysts are expecting September to be a month of subdued volatility and weaker performance, according to the historical trends.
BTC Price Jumps amid $3.38 Billion in Bitcoin Options Expiry
Bitcoin (BTC) leads this cycle of expiring options, with a notional value of $3.38 billion. Data from Deribit shows total open interest at 30,447 contracts.
The max pain level, where the most options are likely to expire worthless, sits at $112,000. Meanwhile, the put-call ratio is 1.41, indicating a bearish tilt and a cautious market sentiment.
$3.38 billion in Bitcoin options expire on Sept. 5| Source: Deribit
Amid this options expiry, implied volatility (IV) across Bitcoin maturities has rebounded to around 40% following a month-long correction that drove BTC price more than 10% below its all-time high.
Analysts note that traders remain cautious, as shown by a surge in block trading of put options, which make up nearly 30% of today’s total options volume.
Bitcoin price has gained 1.7% in the last 24 hours, soaring past $112,500 levels as of press time. Crypto analyst Rekt Capital said Bitcoin has now fully confirmed its breakout . He noted that a daily close or successful retest of the ~$113,000 level would further validate the move and support continued upside momentum.
#BTC
Bitcoin has technically fully confirmed its breakout
A Daily Close and/or retest of the ~$113k region (red) would ensure additional trend continuation to the upside $BTC #Crypto #Bitcoin https://t.co/5YkzaHtB6v pic.twitter.com/vf9Mt8uHrB
— Rekt Capital (@rektcapital) September 5, 2025
September Uncertainty Remains on Radar
Market sentiment is turning cautious, with Greeks.live noting that September has historically been a weak month for cryptocurrencies. Institutional rollovers and quarterly settlements often weigh on capital inflows, they said.
“The options market, in general, lacks confidence in September’s performance,” the analysts observed . With the broader downtrend and crypto equity correction, investors and traders prefer to stay risk-averse at this stage.
Bitcoin VDD Signals Easing Long-Term Holder Pressure
“If this selling pressure keeps easing, it will certainly provide relief to the market and may allow for a renewed move higher, provided demand steps in.” – By @Darkfost_Coc pic.twitter.com/65zAo2NLp7
— CryptoQuant.com (@cryptoquant_com) September 5, 2025
On-chain analytics firm CryptoQuant reported that Bitcoin’s Value Days Destroyed (VDD) metric indicates easing selling pressure from long-term holders. The firm noted that if this trend continues, it could provide relief to the market and open the door for a renewed upward move. However, this needs to be backed by a strong demand surge.
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