Bitcoin options expiry on August 29th concentrated downside protection near $110K–$115K, with a Put/Call ratio of 0.88 and Max Pain at $116K; this suggests short-term caution but still dominant bullish call interest, making $110K a key support to watch into September.
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Nearly $12B of BTC options expire Aug 29 — Max Pain $116K (price magnet)
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Put/Call ratio at 0.88 — calls still slightly dominant despite hedging demand.
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On-chain Average Cost Basis ~ $110.8K (Glassnode); a break below could weaken the near-term structure.
Bitcoin options expiry: key levels $110K-$116K, watch puts, Max Pain, and macro data. Read the full update and trading implications now.
What does the Bitcoin options expiry mean for BTC price?
Bitcoin options expiry on August 29th concentrated hedges and downside protection near $110K–$115K, while Max Pain sat at $116K. This setup points to short-term caution with buyers of calls still slightly dominant, and macro data this week could determine whether support holds.
How are traders positioning ahead of the expiry?
Options positioning showed a put-heavy skew near $110K–$115K, indicating demand for downside protection. The Put/Call ratio was 0.88, below 1, meaning bullish calls were still somewhat dominant despite protective put buying. Deribit reported elevated open interest clustered around the key strikes.
Source: Deribit
At press time the Put/Call ratio stood at 0.88, and the Max Pain level — where the largest number of options expire worthless — was at $116K, which has acted as a price magnet in past expiries.
Will bulls defend $110K?
Below $110K, traders had hedges targeting $108K and $106K. Intraday price action briefly touched $108.6K on August 26, confirming hedging activity in play. A large transfer moving BTC into ETH coincided with a short-term dip toward $108K.
Source: BTC/USDT, TradingView
Could a pullback reach $106K or $100K?
Glassnode reports the Average Cost Basis for 1–3 month holders at roughly $110.8K. If price flips this cohort’s cost basis to resistance, it could signal more extended weakness and invite further selling pressure.
Source: Glassnode
What macro events could change the picture?
Core macro releases this week — initial jobless claims (Aug 28) and Core PCE inflation (Aug 29) — may spike volatility. Fed messaging from Jackson Hole and the possibility of a September rate cut remain important variables for risk assets, including BTC.
QCP Capital noted the near-term bias remained bullish despite short-term shifts: “Near term, BTC appears to be ceding momentum to ETH, but our structural view on BTC is unchanged… we expect institutions to buy dips selectively.”
Options expiry implications — quick comparison
| Scenario | Key Levels | Driver |
|---|---|---|
| Bullish | $116K+ hold | Call dominance, Max Pain aligns with price |
| Neutral | $110K–$116K | Put hedging, macro data clears |
| Bearish | <$110K | Flip of 1–3 month cost basis, sell-side pressure |
Frequently Asked Questions
What is the Put/Call ratio telling traders here?
The Put/Call ratio at 0.88 indicates more call activity than put activity overall, but the presence of large put clusters near $110K shows traders buying protection — a mixed signal of bullish conviction with active risk hedging.
How likely is a $100K revisit after expiry?
A return to $100K would require a decisive break below the $110.8K cost basis for 1–3 month holders combined with weak macro data; historical precedent shows such moves are possible but would signal a meaningful near-term structural change.
Key Takeaways
- Options concentration: Nearly $12B expired Aug 29; Max Pain $116K acted as a short-term magnet.
- Hedging vs. conviction: Put-heavy positioning near $110K coexisted with a Put/Call ratio of 0.88, showing both protection and call interest.
- Macro risk: Core PCE and jobs data this week can swing volatility; monitor on-chain cost basis at $110.8K for structural signals.
Conclusion
Bitcoin options expiry concentrated downside protection around $110K–$116K, producing a mixed risk profile: protective puts at lower strikes with persistent call interest. Traders should combine options positioning, on-chain cost bases, and upcoming macro prints to form a disciplined near-term view. For continuing coverage and data-driven updates, follow COINOTAG.
