📊 On September 26, 2025, the largest expiration of Bitcoin options took place — amounting to $22.6 billion. Despite short-term volatility, BTC held the key range of $107,000–$112,000, remaining above the psychological mark of $110,000. This is not just a technical level — it is the zone where institutional players continue to accumulate positions.

🔍 Why this matters:

- According to Coinglass, liquidations totaling $1 billion affected over-leveraged longs, but large buy orders quickly bought up the dip.

- The ratio of puts to calls (0.76) indicates a predominance of bullish expectations, and the 'maximum pain' for options was indeed around $110,000 — dealers aimed to keep the price near this mark.

- The threat of a shutdown in the US and geopolitical tensions have heightened risk aversion, but BTC has shown resilience, unlike traditional markets.

📈 Institutions are not just 'holding', they are using the correction as an entry point. The market capitalization of BTC is $2.3 trillion, about 60% of the entire crypto market. This confirms: Bitcoin remains the primary asset for hedging and long-term positioning.

BTC does not react panically — it adapts to macro conditions, and large players act strategically, not emotionally.

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