Today, the cryptocurrency market is going through one of the key events of September.
On Deribit, options expire today in the amount of approximately $15.9 billion for Bitcoin and $2.1 billion for Ethereum — almost $18 billion in total. The expiration happens today, September 25, at 08:00 UTC.
But the most interesting part isn’t the expiration itself.
What’s most interesting is what happens after it.
📊 BTC is currently in a key zone
Bitcoin is holding around $84–85K, after the recent move toward $87K.
At the same time, the options structure shows a dominance of call contracts over puts. According to Deribit, the put/call ratio was roughly around 0.7, and a significant portion of open interest is concentrated in call strikes above the current price.
This means that after expiration, the market may lose part of the current «magnet» and hedging.
And that’s why I’d be looking at something other than this question right now:
«Will BTC go up or down?»
And which level the market takes first.
🟢👍🏻 Scenario 1 — BTC retakes $85K
If Bitcoin holds above $85K, the next important zone is $87K.
A breakout and hold above $87K could open room for a move toward:
➡️ $90K
$90K now looks like a particularly important psychological resistance zone.
🔴 Scenario 2 — BTC loses $84K
If, after expiration, sellers gain control and BTC confidently moves below $84K, attention shifts to:
➡️ $82K
➡️ $80K
The zone around $80K becomes especially important, because a deeper drop can accelerate the liquidation of longs.
⚠️ The most dangerous zone — $84–85K
Here I wouldn’t rush to open a position just because the price «went somewhere».
After such a large expiration, sharp moves in both directions are possible.
First they shake out one side → gather liquidity → then they show the real direction.
So today it’s especially important to watch volume, open interest, and BTC’s reaction after 08:00 UTC—not just the candle.
🧠 What about ETH and XRP?
ETH is also participating in today’s large expiration—about $2.1 billion in options.
XRP is currently trading around $1.53–$1.55, after strong volatility over the past few days.
For XRP, I’d especially watch:
$1.50 → $1.66
Holding $1.50 after today’s volatility will be important for the structure, and a move to $1.66 will be a test of resistance.
⸻
🚨 The main thing
Today the market may look chaotic.
But chaos after expiration is exactly where an opportunity appears to see a new market structure.
BTC $84K — $85K — $87K — $90K.
We don’t guess the direction.
Wait for confirmation of the level.
Because after expiration at $18 billion, the market may start a completely new game. 📈📉
Not financial advice. Levels are technical guidelines, not a guarantee of price movement.