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- Bitcoin holds $115K as options expiry and ETF flows shape crypto markets
Bitcoin holds $115K as options expiry and ETF flows shape crypto markets
BTC trades above key levels with rising derivatives activity, ETH ETF inflows increase but network use weakens, and $4.3B in BTC and ETH options expire ahead of the Fed decision.
Joe G & Money Talks
September 12, 2025 • Estimated Reading Time: 5 minutes
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What we will talk about today...
Bitcoin reclaims $115K, resistance looms
ETH ETF inflows grow, $5K target unclear
$4.3B in BTC and ETH options expire today
Bitcoin price is back above $115,000 with derivatives leading the rebound. Traders watch resistance near $116,000.
$BTC
Bitcoin held the previous weekly open retest & is now pushing to the previous monthly open.
This is a crucial pivot point in terms of trend direction. We could see some deviation above as always. But I would play safe if looking for longs.
— Killa (@KillaXBT)
12:06 AM • Sep 12, 2025
BTC price: Rose 1.5% to $115,400, facing supply pressure between $116,000 and $121,000.
Futures market: Volume delta bias shows seller exhaustion, while options open interest hit $54.6B, a record high.
Support levels: Key bids sit between $113,500 and $112,000, with heavier defense at $114,700.
“Going forward, the evolution of derivatives positioning will be critical to navigating the market in this low spot-liquidity environment.”
Glassnode
ETH ETF inflows grow, $5K target unclear
Ethereum saw $216M in ETF inflows, but weak network activity tempers bullish outlook.
ETF flows: After 10 days of outflows, inflows returned but failed to lift price momentum.
Price action: ETH trades between $4,200 and $4,500, with futures premiums near 5%, signaling low leveraged demand.
Onchain use: Ethereum fees dropped 7% to $42M in 30 days, while activity on L2 networks also declined.
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“The path to a $5,000 Ether price largely depends on lower macroeconomic uncertainty.”
Market analysts
Bitcoin and Ethereum options worth billions expire, adding pressure ahead of the Fed’s policy decision.
Bitcoin contracts: $3.42B expiring, with a put-to-call ratio of 1.31 showing defensive sentiment.
Ethereum contracts: $858M expiring, with a nearly balanced 1.03 put-to-call ratio.
Max pain: BTC trades at $115,617, above $113,000 pain level. ETH trades at $4,553, above $4,400.
“The options market is pricing in relatively low future volatility, with a consensus that a 25-basis-point rate cut has already been factored in.”
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results