Bitcoin’s $4.9 Trillion Expiry Sets Up a Battle Between the $114K ‘Magnet’ and Market Fluctuations

Bitcoin’s price path is under scrutiny as traders anticipate a $4.9 trillion options expiration on September 20, 2025, with experts warning of possible sharp moves and critical price points. Currently, BTC/USD trades close to $117,200 but has yet to achieve a close above this mark—an important technical barrier that, if surpassed, could pave the way for a move to $120,000 title1 [ 1 ]. Analysis of order book liquidity shows a strong concentration of buy orders between $110,000 and $113,000, forming a “magnet” that could attract Bitcoin’s price action towards those zones title2 [ 2 ]. According to Glassnode, an on-chain analytics provider, order-book dynamics shifted after the Federal Reserve’s rate cuts, resulting in short positions at $117,200 being wiped out and clusters of long liquidations forming around $112,700 title3 [ 3 ].

The upcoming options expiration has made traders more risk-averse, with previous similar events intensifying their concerns. In March and June 2025, comparable expiries led either to steep price drops or consolidation in Bitcoin’s value title2 [ 2 ]. Analyst Ted Pillows has cautioned that the $4.9 trillion expiration—almost 1.2 times the present size of the crypto market—could amplify volatility, especially as leverage piles up on both bullish and bearish trades title3 [ 3 ]. Deribit’s figures highlight the danger, revealing $3.5 billion in

options set to expire, with a put-to-call ratio of 1.23 and the highest pain point at $114,000 title3 [ 3 ].

Amid a wider atmosphere of market uncertainty, Bitcoin has remained relatively robust compared to altcoins, where just 11 out of the top 55 have outperformed

over the last two months title2 [ 2 ]. This outperformance is linked by analysts to Bitcoin’s strength during expiry periods, when leveraged altcoin trades are more likely to face forced liquidations. Joao Wedson from Alphractal pointed to the importance of the $120,000 and $114,000 levels, noting that heavy leverage at these points could spark significant liquidations before a clear direction is found title2 [ 2 ].

The Federal Reserve’s latest rate cut, along with expectations of additional cuts this year, has added complexity to the outlook. While short-term weakness is expected—often preceding strong rallies—analysts stress that volatility may increase before a new all-time high is reached. Crypto Caesar noted that a decisive move above $117,200 could revive bullish sentiment, and the 33% surge in March and 20% recovery in June highlight Bitcoin’s recurring behavior around such events title1 [ 1 ].

Traders are watching liquidity battles and the depth of the order book as crucial market signals. TheKingfisher’s heatmap revealed dense liquidity around $110,000 and $113,000, indicating that the price could be drawn to these areas to flush out excessive leverage title1 [ 1 ]. In addition, Deribit’s statistics show varied put-to-call ratios in

options, but the main focus remains on Bitcoin’s options expiry title3 [ 3 ].

The size of this options expiry, which surpasses the total crypto market capitalization, highlights its potential to alter Bitcoin’s near-term direction. With massive leverage stacked near key price points, the result may decide whether BTC consolidates or shifts into a new trend. As market players brace for increased volatility, the interaction between order-book liquidity, historic trends, and broader economic drivers will continue to shape Bitcoin’s next steps.