Analysis: $1.56 Billion BTC Options Expiry Pauses Rally, XRP and SOL Rise Against the Trend

Odaily News: Bitcoin fell back to around $83,600 on Friday, down about 1% from the previous trading day, after briefly touching around $87,000, reaching that level for the first time in months. Market analysis suggests that the expiry of $1.56 billion in Bitcoin options on Deribit may have exacerbated short-term volatility, as market makers typically unwind their hedging positions after options expiry.

Over the past 24 hours, BTC open interest and trading volume fell by 14.39% and 13.68% respectively, with long and short liquidations relatively balanced—long liquidations totaled $161.96 million and short liquidations $156.1 million—indicating that leveraged funds are readjusting. On the technical side, BTC's 50-day moving average remains above its 200-day moving average, forming a "golden cross," and the short-term trend is still viewed as relatively strong.

Meanwhile, Bitcoin spot ETFs saw net inflows of $299.09 million on Friday, though this was lower than the single-day inflow levels seen earlier in the week. By contrast, XRP rose 4.37% over the past 24 hours and 15.45% over the past 7 days, currently trading at around $1.58; Solana rose 3.36% over the past 24 hours and 9.33% over the past 7 days, currently trading at around $119.84. The next macro data points the market is watching are the U.S. Personal Consumption Expenditures (PCE) inflation data due on September 30 and the September nonfarm payrolls report due on October 2. (Decrypt)