CoinDesk
4 September 2025
8 0

Bitcoin Options Market Shows Bearish Sentiment Ahead of Expiry

September began with low trading volumes and volatility, as traditional finance dominated market headlines. Key points include:

  • Gold rose to $3,560 before retreating; global government bond yields fell.
  • Bitcoin perpetual funding rates have cooled to around 6% from double digits, with open interest dropping to over 720,000 contracts.
  • Publicly listed bitcoin treasury companies saw declines in multiples to net asset value (mNAV):
    • Strategy (MSTR) at 1.55
    • Metaplanet (3350) at 1.71
    • KindlyMD (NAKA) down 75%, trading at an mNAV of 2.5.
  • Over $4.5 billion in crypto options are set to expire on Deribit, coinciding with the U.S. nonfarm payrolls report. Bitcoin options' max pain point is $112,000 with a put-call ratio of 1.38.
  • Ether options account for $1.27 billion in notional value, with a put-call ratio of 0.78.

What to Watch

  • Crypto Events
    • Sept. 4: Polygon switches its mainnet token to POL from MATIC.
    • Sept. 4: Apex Fusion's Nexus blockchain goes live.
    • Sept. 10: Comptroller Jonathan V. Gould discusses digital assets at CoinDesk conference.
  • Macro Events
    • Sept. 4: ADP releases August U.S. private-sector employment data.
    • Sept. 4: S&P Global releases August Canada manufacturing and services data.
    • Sept. 4: ISM releases August U.S. services sector data.

Token Events

  • Governance votes ongoing for Arbitrum DAO, Uniswap DAO, and Lido DAO.
  • Unlocks:
    • Sept. 5: Immutable (IMX) unlocks 1.27% of circulating supply.
    • Sept. 11: Aptos (APT) unlocks 2.2%.
  • Token launches:
    • Sept. 4: Gata (GATA) listed on multiple exchanges.
    • Sept. 4: Tradoor (TRADOOR) listed on various platforms.

Market Movements

  • BTC down 1.06% at $111,024.03
  • ETH down 1.58% at $4,395.87
  • DXY up 0.15% at 98.29
  • Gold futures down 1.01% at $3,598.80

Bitcoin Stats

  • BTC Dominance: 58.44%
  • Hashrate: 990 EH/s
  • CME Futures Open Interest: 134,255 BTC

Derivatives Positioning

  • BTC derivatives activity remains muted with open interest at about $30 billion.
  • Options data shows mixed signals; traders favor puts over calls for downside protection.

In the Ether

  • Donald Trump-linked WLFI token reached a record low of $0.174, reflecting decreased popularity.
  • A trader gained $250 million from early purchases, while another lost $2.2 million on futures.