- Bitcoin price climbed to $86,000 on September 21, an eight-month high.
- Spot Bitcoin ETFs pulled in $999 million Monday, led by IBIT’s inflows.
- Roughly $18.1 billion in BTC and ETH options expire this Friday.
Bitcoin price climbed above $86,000 on September 21, reaching its highest level in roughly eight months as the cryptocurrency moved out of a multi-week trading range. The rally briefly pushed BTC above $87,000 before prices pulled back.
The move came alongside a sharp return of demand through U.S. spot Bitcoin ETFs. The funds recorded about $999 million in net inflows on Monday, their strongest single-day inflow since October 2025.
Bitcoin Price Rises as Spot Bitcoin ETF Inflows Accelerate
Monday’s $999 million inflow was the ninth-largest daily total since Bitcoin ETFs launched in January 2024, following $433 million recorded the previous Friday.
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BlackRock’s IBIT led Monday’s flows with $381.4 million, its 3rd-largest daily inflow since January, followed by ARK 21Shares’ ARKB with $289.1 million and Fidelity’s FBTC with $238.8 million.
Together, those three funds accounted for roughly 91% of the day’s total inflows, according to SoSovalue data.
Monday’s figure was followed by more than $714 million in inflows on Tuesday, bringing the combined inflows across the two sessions to more than $1.7 billion.
The ETF inflows surged after Bitcoin finally broke above its 50-week moving average (50W MA), which has capped its price for 45 consecutive weeks. The 50W MA is a technical level that has repeatedly acted as a ceiling during major bear markets.
Bitcoin Price Faces Options Expiry Test
Attention now turns to Friday, when roughly $18.1 billion in BTC and ETH options are set to expire, according to Coinbase Markets.
Crypto options markets are tilted toward calls. Bitcoin’s put/call ratio is 0.66, while its 24-hour trading volume put/call ratio is even lower at 0.37, indicating that recent trading activity has been particularly call-heavy. Ethereum’s open-interest put/call ratio stands at 0.61.
In simple terms, there are more call options than put options in both markets, and recent Bitcoin options flow has leaned even more heavily toward calls.
For Bitcoin, the largest concentrations of call open interest are around $90,000 and $100,000. For Ethereum, call open interest is concentrated mainly between $3,000 and $4,000.
On the Flipside
- Large options expiries can trigger short-term volatility as positions unwind, regardless of the prevailing trend.
- ETF inflows can reverse quickly if macro conditions shift, as seen in prior months.
Why This Matters for Bitcoin Price
Renewed demand for U.S. spot Bitcoin ETFs has coincided with the Bitcoin price breaking above a key technical level. At the same time, Friday’s $18.1 billion options expiry puts additional focus on the market.
For now, the key levels to watch are the $86,000 area, where Bitcoin recently broke higher, and the $90,000–$100,000 range, where substantial Bitcoin call open interest is concentrated.
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