Bitcoin’s September options expiry holds 130,670 BTC in open interest versus 79,003 BTC in August, with calls outnumbering puts 1.8-to-1. The price band between $60,000 and $75,000 appears thinly covered, while active upside exposure clusters between $78,000 and $100,000. U.S. spot Bitcoin ETFs took in roughly $1.92 billion last week, their strongest weekly pace of 2026, supporting call demand. The largest call at $70,000 with 11,308 contracts is already deep in the money as Bitcoin trades 9.8% above that level, suggesting legacy exposure from when BTC was in the low $60,000s. A sharp move to the low $70,000s would hit precisely the thinnest part of the options book, where few traders hold protection.
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