Bitcoin faces crucial test as $4.9T in Options near expiry – Here’s why

Key takeaways

What’s putting pressure on Bitcoin and altcoins this week?

A massive $4.9 trillion in stock and ETF Options is set to expire. Bitcoin has held its range, but altcoins are struggling.

Why is the next Bitcoin move critical?

Bitcoin is trapped between key price levels where traders could face big losses. A move up or down might wipe out one side, and make way for an ATH.

It’s a big week for the markets!

$4.9 trillion worth of Options are about to expire, overshadowing the entire crypto market cap. This is the kind that usually brings a shake-up, and crypto won’t be spared.

Bitcoin [BTC] has held its ground, but the story’s different for most altcoins, which have been lagging for two months straight. The few exceptions? Fresh launches and tokens running hot on Binance Smart Chain.

Options expiry causes Bitcoin caution

With $4.9 trillion in stock and ETF Options set to expire on the 20th of September, traders are ready for volatility.

In March 2025, a similar setup caused a sharp drop over the following weeks, while June’s expiry saw BTC consolidate before slipping below $100K.

The chart shows repeating cycles, with Bitcoin dipping before a recovery.

Source: X

Analyst TedPillows warns that excessive leverage is building up again, making a flush almost inevitable. Pain may come first, but an ATH could be next.

Alts lose steam as BTC stays firm

While Options expiry is expected to cause trouble, another clear trend is here: altcoins are losing ground to Bitcoin.

Data shows that only 11 out of 55 top altcoins have outperformed BTC in the past 60 days.

Source: Alphractal

Bitcoin dominance has steadily grown, while altcoin performance has slipped back into “Bitcoin season.” Most of the hype around altcoins today is concentrated in newer launches or Binance Smart Chain projects, not established names.

BTC is likely to hold the spotlight a bit longer before bigger altcoins regain momentum later in the cycle.

A high stakes liquidity battle

Right now, Bitcoin sits in a tight zone between two major liquidation clusters.

According to Alphractal’s CEO Joao Wedson, $120K has built up as a level where short positions could be wiped out, while $114K threatens long traders with heavy losses.

Source: Alphractal

Billions in leverage are stacked on both sides, making the next move especially critical. Whether BTC breaks higher or lower, one group of traders is likely to get flushed out before the market finds direction.