Bitcoin Options Expiry Looms as Traders Position for $95K–$100K Range

Large Expiry and Bullish Structure

Bitcoin traders are bracing for a $15 billion notional options expiry on Friday, according to Bitcoin Magazine. The volume is among the largest in recent weeks, and positioning data shows traders are net long calls across the $95,000–$100,000 strike range, indicating expectation for Bitcoin to trade higher through the end of October.

A notable $3.2 million butterfly spread reported by CoinDesk further underscores bullish conviction. That trade—a multi-leg options structure designed to profit in a narrow price band—is positioned to profit if Bitcoin settles near $95,000 by the end of the month, suggesting institutional traders view that level as a realistic target in the near term.

Options Mechanics and Market Timing

Butterfly spreads are typically used by sophisticated traders to make a directional bet with defined risk. The $3.2 million trade's focus on $95,000 contrasts slightly with the broader $100,000 narrative circulating in market commentary, indicating traders may be hedging between two near-term resistance levels rather than committing to a single ceiling. The Friday expiry will determine which strikes finish in-the-money, potentially crystallizing or unwinding leveraged positions entered in the prior two weeks.