On September 26, the crypto market continues to record volatilty and it's down by more than 2% in the past 24 hours. Bitcoin saw a price drop to $108,000 amidst significant crypto liquidations and ahead of the crypto options expiry on Deribit.
However, Bitcoin is showing signs of an upward reversal, mirroring market optimism.
Bitcoin Price Action on September 26
At the moment of writing this article, Bitcoin is trading above $109,000, down by more than 2% in the past 24 hours.
The digital asset recorded a price drop from over $112,000 on September 25, dipping to $108,000 levels today, ahead of a rebound above $109,000.
It's also worth noting that on September 25, the US-based BTC ETFs recorded a day of outflows at over $258 million, signaling a pause in institutional interest. BlackRock's BTC ETF, IBIT, was the only BTC ETF that recorded inflows of $79.7 million.
BlackRock continues to accumulate Bitcoin, despite market volatilty. It's also worth noting that the asset manager has recently registered the name iShares Bitcoin Premium ETF, with a new filing coming soon, as noted by Bloomberg's Eric Balchunas on X on September 25.
He noted that this is a covered call Bitcoin strategy to give BTC some yield.
Bitcoin's price drop came amidst crypto liquidations in the past 24 hours and ahead of the crypto options expiry set to take place today.
One of the biggest quarterly BTC and ETH options expiries of over $22.2 billion took place at 08:00 (UTC) on Deribit.
24-Hour Crypto Liquidations
In the past 24 hours, the crypto market saw over $971 million in liquidations. More than $851 million was in long positions, and over $120 million was in shorts.
ETH saw the biggest liquidations, totalling over $311 million, over $269 million in longs and more than $41 million in shorts, followed by BTC, with over $246 million in liquidations, according to CoinGlass data.
In the past 24 hours, 226,497 traders were liquidated. This high amount of crypto liquidations comes after another significant liquidation day on September 22.
Despite the latest market volatilty, there are still plenty of reasons to maintain optimism ahead of Q4.
