Bitcoin enters Friday with a large options expiry ahead and its price under pressure. The contracts involved are worth nearly $16 billion on paper, but that figure alone does not tell us where Bitcoin goes next.
Elsewhere, BlackRock has helped bring 3 investment strategies on-chain through Ondo Finance. The 2 developments make this a busy day for crypto, though they affect different parts of the market.
What you'll learn 👉
Bitcoin Price Faces a $15.6B Options Expiry
About 182,000 BTC in options contracts are due to expire today, Friday, September 25, with a reported notional value of roughly $15.6 billion. That is the value of the Bitcoin referenced by the contracts. It does not mean $15.6 billion of Bitcoin will be bought or sold when they expire.
An option gives its holder the right to buy or sell an asset at a set price before a deadline. A call gives the right to buy, and a put gives the right to sell. Contracts that end up too far from Bitcoin’s market price may expire without being exercised. Other positions may already have protection in place through separate trades.
The possible market effect comes from that protection. Dealers who sold options often buy or sell Bitcoin or related instruments to manage their exposure. As Friday’s deadline gets closer, changes in Bitcoin price can lead them to adjust those positions. That activity can add to short-term price moves, although the expiry itself does not guarantee a dramatic move.
Calls cover about 106,200 BTC, compared with roughly 75,900 BTC in puts. The larger call total may look bullish at first glance, but the prices attached to those contracts matter. Many calls are placed at $90,000 and $100,000, well above the Bitcoin price cited in the expiry data. Unless BTC moves much higher before the deadline, those contracts offer little immediate support for a bullish reading.
$18,140,000,000 in $BTC and $ETH options will expire this Friday.
— Ted (@TedPillows) September 22, 2026
Max pain for Bitcoin: $75,000
Max pain for Ethereum: $2,250 pic.twitter.com/FtthIAquoW
Why Bitcoin Traders Are Watching $76,000
The reported “max pain” price for this expiry is around $76,000. This is the price at which options holders, taken together, would lose the most value at expiry. Some traders use it as a reference point when a large group of contracts is about to close.
That does not make $76,000 a reliable Bitcoin price target. Max pain describes the options positions outstanding at a particular time. It does not account for every force affecting the market, and those positions can change before expiry. Bitcoin can finish far from the figure if broader demand, economic news or fresh trading activity proves stronger.
Another notable concentration of calls and puts lies around $70,000. That tells us participants have positions across a wide range of possible prices. It does not, on its own, show that Bitcoin is heading there. The more useful questions for Friday are whether BTC can regain lost ground and how it behaves as the largest options positions close.
BlackRock Strategies Reach Onchain Investors Through Ondo
Bitcoin’s expiry is only part of today’s crypto news. Ondo Finance has launched 3 onchain investment portfolios based on strategies BlackRock developed for the company. Each portfolio is offered through a token that represents exposure to a group of assets, giving eligible investors access through a single onchain product. Availability is currently limited to eligible investors outside the United States.
The distinction between the companies’ roles matters. BlackRock developed the portfolio strategies, and Ondo launched the onchain products. The announcement does not mean BlackRock has launched a new cryptocurrency or that its clients are buying Bitcoin through these portfolios.
The move is still notable for tokenization. A portfolio that would usually be accessed through traditional investment systems now has an onchain format. Its progress will depend on who can use it, how the portfolios perform and whether investors find the token format useful. There is no direct reason to treat the launch as a prediction for Bitcoin price on Friday.
Eleanor Terrett also pointed to ARK Invest’s work with Securitize to bring its venture fund onchain. Together, the announcements show established investment firms testing blockchain based ways to offer existing financial products. Those developments may matter over time, even if Friday’s immediate focus remains on Bitcoin options.
🚨NEW: A few notable developments in crypto today:
— Eleanor Terrett (@EleanorTerrett) September 24, 2026
📌 @Ondo partnered with @BlackRock to launch three onchain investment portfolios using strategies developed by the asset manager. For now, they’re available only to eligible investors outside the U.S.
📌 @ARKInvest is…
Stablecoin Proposals and CFTC Guidance Add to the Day’s News
United States regulators supplied 2 more developments. The Federal Reserve has proposed 2 measures under the GENIUS Act. One addresses requirements for stablecoin issuers under its supervision, including reserves, capital, custody and risk management. The other addresses how banks it oversees could apply to issue payment stablecoins. These are proposals open for public comment, so they should not be described as final rules.
Read Also: Gold and Silver Prices Today: Bond Crisis Is Creating a Strange Setup
The CFTC also updated staff guidance on 2 practical questions for registered derivatives firms. The update covers tokenized forms of investments that are already permitted for customer funds and the use of blockchain technology to meet recordkeeping requirements. It clarifies how existing obligations can apply when firms use tokenized assets or blockchain records.
These updates have different timelines from Friday’s options expiry. Regulatory proposals require further review, and new onchain investment products need time to develop a track record. Neither provides a clear answer to where Bitcoin price will close today.
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