preferred on
Points of Focus
- Bitcoin trades at $77,735.82 ahead of a $2.32-billion options expiry on Sept. 4.
- Calls total $1.47 billion versus $850.8 million in puts, with a 0.58 put/call ratio.
- Call-heavy positioning meets muted ETF turnover and $83,000-$86,000 supply.
Bitcoin (BTC) traded at $77,735.82 on Thursday ahead of a $2.32-billion Deribit options expiry on Sept. 4.
Calls dominate the book, with $1.47 billion in open interest against $850.8 million in puts. Yet BTC remains below $80,000 after its late-August rejection, leaving the call-heavy expiry against a market still capped by overhead supply.
Bitcoin options expiry shows $71,000 max pain as calls dominate
Deribit-linked data showed a 0.58 put/call open-interest ratio for the Sept. 4 expiry, meaning calls account for 63% of outstanding notional value. Trading over the previous 24 hours leaned further toward calls, with about 3,080 BTC in call volume against 1,201 BTC in puts.
The same options chain placed max pain near $71,000, about $6,736 below the current BTC price. Bitcoin would need to fall roughly 8.7% from $77,735.82 to reach that level before Deribit settles the weekly contracts at 08:00 UTC on Friday.
Max pain shouldn’t be treated as a price target. Options open interest can reflect covered calls, hedges, and multi-leg positions, so call dominance doesn’t prove traders expect an immediate rally. For this expiry, BTC’s position near $77,000 matters more than a max-pain level almost 9% below spot.
Bitcoin’s price holds near $77,000 as market signals diverge
Glassnode’s Sept. 2 report found that Bitcoin’s late-August move above $80,000 met steady supply before retreating toward $76,000. Its data places heavy long-term-holder supply between $83,000 and $86,000, while short-term options skew has moved back toward neutral after traders chased upside calls during the August squeeze.
Ali Martinez, a crypto analyst, offered a counterpoint on X, reporting that whales bought about 6,765 BTC, worth roughly $521 million, as Bitcoin fell 5.82% to $76,732 from its Aug. 28 local high of $81,474.
The buying shows large holders added exposure during the pullback, but BTC remains below Glassnode’s $83,000-$86,000 supply band.
Bitcoin has pulled back 5.82%, falling from a local high of $81,474 on August 28 to $76,732 today.
Despite the correction, whales have continued accumulating.
Over the same period, they purchased approximately 6,765 bitcoin:native, worth roughly $521 million. https://t.co/AQc517xRnP pic.twitter.com/XMRmbRHczK
— Ali Charts (@alicharts) September 2, 2026
Crypto trader CryptosBatman also flagged a bearish moving average convergence/divergence (MACD) crossover in an X post after BTC was rejected near $81,000. That technical weakness offers a counterweight to the call-heavy options book, with spot still trading below the resistance that stopped the August rebound.
$BTC is showing some weakness right at major trendline resistance.
MACD just crossed bearish after the rejection near $81K.
A deeper pullback could be next if this divergence keeps playing out. pic.twitter.com/9OLUNGbs7G
— BATMAN ⚡ (@CryptosBatman) September 2, 2026
Deribit’s Sept. 4 contracts settle at 08:00 UTC on Friday, with $2.32 billion in notional open interest tied to the expiry.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
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