Bitcoin Ends Third-Worst Week with 5% Drop, Options Expire

Bitcoin ended Week 38 with a 5% drop, marking its third-worst week historically.
The third quarter closed with a modest 1% increase, while September remained flat.
Options worth $17 billion expired, influencing price movements due to the max pain price at $110,000.
The short-term holder cost basis is at $110,775, previously tested in August.
Analyst Caleb Franzen notes Bitcoin has dropped below its 100-day EMA, and the 200-day EMA is at $106,186.

The U.S. economy grew at an annualized rate of 3.8% in Q2, surpassing estimates.
Initial jobless claims fell by 14,000 to 218,000.
The 10-year U.S. Treasuries yield is near 4.2%, and the dollar index hovers around long-term support at 98.
Metals like silver are approaching all-time highs; U.S. equities are near record levels.
Bitcoin remains over 10% below its peak.

Strategy (MSTR) shows minimal gains year-to-date, with significant underperformance compared to Bitcoin.
The MSTR/IBIT ratio is at 4.8, its lowest since October 2024.
MSTR's enterprise mNAV is 1.44, with positive returns from three perpetual preferred stocks.
Bitcoin's implied volatility has dropped below 40, impacting MSTR, which relies on volatility for trading opportunities.
Metaplanet holds 25,555 BTC but struggles with a share price 70% below its all-time high, with a market cap of $3.94 billion against a Bitcoin NAV of $2.9 billion.