Greek.live researcher Adam posted on social media that market sentiment is cautiously bearish, with participants advising against bottom fishing until a clear trend reversal emerges. Market actors are watching the Bitcoin support band at $10.4–10.5k and the technical threshold for Ethereum near $4,000, remaining vigilant ahead of the quarterly settlement on September 26.

COINOTAG cited Deribit data indicating the options expiry on September 26 includes BTC options with a $17.47 billion notional, a put/call ratio of 0.74 and a maximum-pain point at $110k, and ETH options with a $5.48 billion notional, a put/call ratio of 0.76 and a maximum-pain point at $3,700.

Market participants are monitoring these metrics for potential short-term volatility, prioritizing support tests and risk management over initiating fresh long positions in the run-up to the settlement event.