Bitcoin Rally Slows as $15.6 Billion Options Expiry Hits—XRP and Solana Keep Climbing
Bitcoin eased to about $83,600 after briefly hitting near $87,000, pausing a rally that had pushed it out of a weeks-long $75,000–$81,000 range. The trend still looks constructive: the 50-day moving average remains above the 200-day, forming a golden cross. Short-term softness likely reflected a large Deribit options expiry and dealer hedging unwinds, with open interest and volume both falling. Macro conditions remain a major driver. Recent Fed policy, sticky inflation, and rising odds of another rate hike have supported risk assets but also kept expectations volatile. Spot Bitcoin ETF inflows continued, though Friday’s $299 million was smaller than earlier in the week, suggesting momentum is cooling. Total crypto market cap slipped to $2.87 trillion, and sentiment cooled from extreme greed to still-elevated greed. Most major tokens slipped with Bitcoin, while XRP and Solana outperformed. Key next catalysts are U.S. PCE inflation on September 30 and jobs data on October 2.
