Bitcoin traded near $111,000 on Sept. 4 as markets remained muted ahead of a heavy options expiry on Deribit and an important U.S. jobs data release. Low volumes and subdued volatility have characterized the start of September, with macro headlines — not crypto-specific catalysts — driving much of the market tone.
Deribit shows roughly $4.5 billion of crypto options expiring on Friday, including about $3.28 billion in bitcoin contracts. The exchange flagged a max pain level near $112,000 and a put-call ratio of 1.38, indicating open interest is tilted toward downside protection. Ether options add about $1.27 billion in notional value, with a max pain level near $4,400 and growing call interest above $4,500.
Perpetual futures funding has cooled from earlier froth. Funding APRs across major venues compress to roughly 4%–6% annualized, with open interest in perpetuals down modestly from a recent peak (~$33 billion) to about $30 billion. On exchanges, three-month basis is near 5%–6%, making carry trades only marginally attractive.
Macro moves are also in play: gold rallied earlier this week (peaking near $3,560) while global government bond yields retreated — dynamics that often compete with crypto for risk capital. Traders are also monitoring Friday’s U.S. nonfarm payrolls and private payrolls (ADP) data for fresh direction.
Events and token-level pressure
Protocol and token events are concentrated this week. Polygon will migrate its mainnet token ticker from MATIC to POL, a change that may require action from holders on some venues. New chains and token listings — including Nexus going live and small token launches — add localized volatility risk. Separately, the Trump-linked WLFI token plunged after its debut, underscoring how memecoin-style narratives can quickly reverse once hype fades.
Spot ETF flows remain a structural theme: daily net flows into spot BTC ETFs were strong (~$300.5 million), with cumulative inflows near $54.85 billion and roughly 1.29 million BTC held. Spot ETH ETFs saw modest outflows daily (-$38.2 million) but maintain sizable cumulative holdings.
Why this matters: clustered options expiries and major macro releases can amplify price moves in low-volume conditions. Market positioning shows short-term bearish hedging (puts demand) even as longer-term volatility expectations are elevated.
Risk note: Options expiries, low liquidity and headline risk (jobs data, policy moves) can produce sharp moves. This summary is informational and not investment advice.
Source: CoinDesk. Read the original coverage for full details.