BTC gained 3% over two days to roughly 110,000 USD ahead of U.S. Employment data. Options flow skews bullish for September 26, clustering at 120,000 USD, 130,000 USD, and 140,000 USD strikes. Traders, however, remain cautious given September’s historically bearish pattern and macro uncertainty, preferring hedges to cap downside.
Open interest in perpetual contracts increased 2.35% to 30 billion USD as traders pre-position for key indicators. Despite the bullish tilt, implied volatility near 30% signals contained swings. Dealers’ gamma exposure may dampen upside and cushion dips, reinforcing a stable, range-bound backdrop unless Friday’s Non-farm Payrolls meaningfully surprises.
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