Daily digest / BTC / 2026-09-25 · this week
BTC · Friday 25 Sep 2026 (UTC) · close
$86,153
-299.7 (-0.35%)
4th straight down day$12.2M liquidated
European-session sell-off, losses pared into the close
BTC slid $1,815 from $87,357 at 11:15 to $85,541 by 15:45 UTC. Put writers added the most fresh OI at $83,500 (+322 BTC). Call writers built positions at $87,000–$91,000, led by $89,000 (+973 BTC). Max pain held at $78,000 all session. PCR fell from 0.62 to 0.52.
Spot
Max pain
PCR
15-min · UTC
Key levels for the next session
$90,000
Call wall · 28,303 BTC OI
resistance
$89,000
Fresh calls +973 BTC
cap
$87,000
Fresh calls +827 BTC
cap
$86,153
Close
●
$83,500
Fresh puts +322 BTC
support
$82,500
Fresh puts +216 BTC
support
$78,000
Max pain · Put wall · 5,757 BTC OI
magnet
Where writers added today
■ calls ■ puts · OI change from the first snapshot to the close, strikes near spot
Move vs what options priced
Next-day ATM straddle at open · IV 34.2%$2,333
Session range$1,988
The session used 85% of the next-day straddle's priced move.
Last 6 sessions
Reading these numbers
- Max pain is the strike where option buyers collectively lose the most at expiry. It often drifts with price.
- Fresh OI shows where option writers opened new positions during the session. Heavy put writing below price often marks a level sellers expect to hold; heavy call writing above marks a ceiling.
- PCR is put OI ÷ call OI, summed across every Deribit expiry. Crypto usually runs lower than Indian indices.
- Straddle vs range compares the ATM straddle price at the open (what options priced in) with the distance price actually covered.
Descriptive summaries of recorded option-chain positioning, generated automatically — not trading signals or advice.
Read the disclaimer →
Related reading
Max pain today →
Live aggregate max pain lander.
PCR today →
Current put-call ratio snapshot.
BTC vs index options →
How crypto expiry and settlement differ.