$5 billion of IBIT options expire on September 18.

Most of that is calls: $3B vs $2B in puts.

Max pain sits at $40, which corresponds to a $BTC price of approximately $71k.

Bitcoin Vector's impulse flipped positive from the lows.

$BTC has advanced roughly 20% since.

The strategy is currently fully allocated and in profit, and the next upside target sits at $82.8k.

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Squeeze into Supply: The Week On-chain 34 is live.

What stands between this recovery and the January high is one band of supply between $81K and $86K.

Bitcoin ran 26% off its mid-August low on a record short flush, and real money followed it up.

After large market moves, staying objective and level-headed is difficult.

Our latest weekly report walks you through the data: the liquidation cascade, who bought the squeeze, and the supply now sitting overhead.

https://twitter.com/glassnode/status/2092605995356966938

1.05M $BTC of long-term holder supply sits between $83K and $86K, the first heavy cost-basis shelf above spot at $79K.

Effectively all of it has held through the entire drawdown, making that band the test of whether patient supply sells at breakeven.

👉 https://research.glassnode.com/the-week-onchain-week-34-2026/

$BTC has staged a sharp recovery toward $80K, with options markets beginning to reflect the shift in momentum.

Volatility is waking up, open interest is rebuilding, and positioning is tilting more constructively.

Here’s what the options market is telling us👇

Options open interest has recovered sharply alongside BTC, now approaching 550K BTC. This signals renewed derivatives positioning and growing market participation as price rebounds toward $80K.

DVOL has rebounded sharply alongside BTC’s move toward $80K, signalling renewed demand for volatility. However, at ~41, implied volatility remains well below prior 50–60+ regimes.

25 delta skew has compressed sharply across maturities, with short-dated skew turning negative. This points to reduced demand for downside protection and a shift toward more balanced or upside-oriented positioning.

The sharp move through $70K has pushed BTC into a dense gamma zone around $75–80K, where positive and negative exposures are concentrated. This may increase price sensitivity as positioning shifts around these strikes.

Recent options flow is concentrated around $72.5K and $79.25K, with notable call buying at both strikes. This suggests traders are positioning for further upside, while put demand remains comparatively muted.

Options positioning has turned increasingly constructive alongside BTC’s recovery.

OI is rebuilding, downside protection demand has eased, and recent flows show notable call demand around key strikes. Vol is rising, but remains far from stressed levels, leaving room for further repricing if momentum persists.

Solana spot ETFs had their strongest stretch on record.

$138M of net inflows over 10 days, including a single-day high of $47M on Tuesday.

Leading the pack is @Bitwise's BSOL, now holding 9.3 million $SOL and crossing $1B in AUM – the first Solana ETF to get there.

Live Solana ETF flow, balance, and volume charts