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Bitcoin didn’t break. Not yet.
After slipping below $84,000 earlier in the week, the cryptocurrency clawed back and held just above that level by Friday. The broader crypto market pretty much followed suit — most major coins moved less than 2% in either direction over the past 24 hours. Quiet, by crypto standards. But not everyone sat still.
ONDO jumped 27%, landing near 54 cents. Quant did even better, up 39% to almost $100. Smaller assets tend to move fast when big names stall, and that’s basically what happened here. Bitcoin absorbed the macro noise. The altcoins ran.
Bond Yields, Oil, and the Macro Drag
The bond market had a rough stretch. The 10-year Treasury yield surged more than 20 basis points over recent sessions — a big move that rattled equities and crypto alike. By Friday it had pulled back two basis points to 5.17%, which gave markets some room to breathe. Not a lot. But enough.
Oil added its own wrinkle. Brent crude slid 1% to around $105 a barrel as Washington and Tehran kept talking about reopening the Strait of Hormuz. That’s a critical passage for global oil supply, and any deal — or collapse of talks — would ripple fast. Traders are watching.
Alex Kuptsikevich, chief market analyst at FxPro, thinks Bitcoin’s recent drop was probably a pause, not a reversal. He said the decline stopped just before hitting a technical target traders had been watching, which he read as a sign the upward trend that started in mid-August is still intact. He also pointed to 2021, when Bitcoin lost more than 50% from its peak before eventually climbing to new highs. His read: the structure looks similar. Doesn’t mean it plays out the same way, but the comparison is there.
Deribit Expiry and the Options Overhang
Friday carries extra weight for Bitcoin traders. The Deribit options expiry lands today, and Bitcoin is sitting below $85,000 — a level that matters because it sits inside one of the largest blocks of call options on the board. That kind of concentration can move markets. If Bitcoin stays below the strike, those calls expire worthless. If it pushes through, dealers may have to hedge, which can accelerate the move. It’s a setup worth watching closely.
Derivatives have always played an outsized role in crypto price action, and the Deribit expiry is one of the more reliable catalysts traders plan around. The outcome here could reshape positioning heading into next week.
Goldman, Aschenbrenner, and the AI Unwind
Separate from the crypto moves, there’s a notable story floating around the hedge fund world. Goldman Sachs reportedly pulled in around $200 million in fees from Situational Awareness, the fund launched by Leopold Aschenbrenner. The fund grew fast — leveraged bets on AI stocks pushed assets to roughly $30 billion at the peak. Then mid-July happened. AI stocks sold off hard, and Situational Awareness had to unwind a big chunk of its positions. A major piece of that went to Citadel. The fund shrank. Leverage came down. Goldman kept the fees.
It’s a reminder of how fast levered strategies can reverse. Thirty billion down to something considerably smaller, in weeks. Aschenbrenner built the fund quickly, and the AI trade worked — until it didn’t.
Stablecoins Push Into Regulated Finance
On a slower-burning front, stablecoins are making real inroads into regulated financial systems. Asia-Pacific is probably the most active testing ground right now. The region’s regulatory frameworks are evolving fast, and practical use cases for stablecoins — including RLUSD — are getting serious attention from both institutions and regulators. It’s not a fringe conversation anymore.
Stablecoin integration into traditional finance has been building for a while across the region. The regulatory piece is what’s changing. Governments and financial authorities across Asia-Pacific are working through how these assets fit into existing frameworks, and that process is moving faster than many expected.
Bitcoin’s position above $84,000 heading into the Deribit expiry, with call option concentration sitting right at $85,000.
Frequently Asked Questions
Where is Bitcoin trading as of Friday, September 25, 2026?
Bitcoin is holding just above $84,000, after briefly dipping below that level earlier in the week.
What is the Deribit expiry and why does it matter for Bitcoin this week?
The Deribit options expiry falls on Friday, with Bitcoin trading below $85,000 — a level that contains one of the largest blocks of call options, which could influence short-term market dynamics and trader positioning.
Which altcoins saw the biggest gains this week?
ONDO rose 27% to around 54 cents, and Quant gained 39% to nearly $100, both outperforming Bitcoin and most major cryptocurrencies over the past 24 hours.
Why It Matters
The stability of Bitcoin above the $84,000 mark is crucial as it reflects market resilience ahead of the Deribit expiry, which could influence volatility and trading strategies. With major cryptocurrencies exhibiting minimal movement, this period of consolidation may signal investor caution or a strategic wait-and-see approach before the options expiry, highlighting the complex interplay between derivatives and spot markets in the crypto ecosystem. Such dynamics can have broader implications for market sentiment and liquidity in the coming days.
