The standing options book adds a ceiling. The September 25, 2026 expiry is the quarter's largest. Its max pain, the price at which the most options expire worthless, sits at $72K and has not moved up with spot. Max pain marks where the expiry's weight sits, below the market. The single biggest bar on both sides is the $70K strike, where the heaviest call and the heaviest put of the expiry both sit.
Above spot the book is stacked with calls. The biggest call strike above spot is $85K, with a second wall at $90K. Those strikes sit inside and just above the $83K to $86K ceiling that this report drew last week from long-term holder supply. The option market and the spot market agree on where the upside is capped.
$BTC $W $QNT
Above spot the book is stacked with calls. The biggest call strike above spot is $85K, with a second wall at $90K. Those strikes sit inside and just above the $83K to $86K ceiling that this report drew last week from long-term holder supply. The option market and the spot market agree on where the upside is capped.
$BTC $W $QNT
