Bitcoin has given back roughly $3,000 after breaking above $81,000 for the first time in 15 weeks, and altcoins like XRP and ZEC are falling harder in its wake. Options data shows calls now outweigh puts 1.8-to-1, but the book offers the least protection between $60,000 and $75,000, a zone that could get tested ahead of the Fed's Sept. 16 decision.
Bitcoin's break above $81,000 didn't last. The largest cryptocurrency has dropped roughly $3,000 since touching a 15-week high past $81,000 this week, and altcoins are falling harder in its wake.
Bitcoin gives back some of its rally
Bitcoin spent last week climbing back from below $65,000, gaining over $15,000 in less than 48 hours before nearing $80,000 on Friday, then slipping to $75,000 over the weekend. The rally resumed Monday and carried Bitcoin past $81,000 on Tuesday.
That advance has since cooled. Bitcoin remains up more than 22% on the week, with its market dominance just under 58% and its market cap at $1.575 trillion.
Altcoins fall harder
Ether failed at $2,500 again and slipped 1.3% to $2,450. XRP was rejected at $1.50 and fell 4.5% to $1.42. Solana touched $100 before pulling back, and BNB dropped back under $700.
Dogecoin, Cardano, and Stellar each fell around 5%. ZEC dropped the most among larger-cap altcoins even as Grayscale launched an ETF for it, with its price falling under $790. The total crypto market cap has declined by around $60 billion in a day, down to $2.740 trillion.
Options data flags a thin zone below $75,000
The pullback comes as Bitcoin's options market shows where the risk sits. Bitcoin's September options expiry holds 130,670 BTC of open interest, compared with 79,003 BTC for August. DWF Labs market insights lead Martin Lee said most of that gap is technical, since September and December are the two quarterly expiries that together hold 59.3% of open interest as traders often roll positions into them.
Even so, the book has shifted toward calls, which now outnumber puts 1.8-to-1 after puts were the pricier side for close to a year. Live upside positioning clusters between $78,000 and $100,000, while the heavier downside protection sits at $60,000 and below.
That leaves roughly $60,000 to $75,000 thinly covered, with the low $70,000s especially exposed. A hawkish Fed, rebounding yields, or fading Treasury support could test that zone before the Fed's Sept. 16 decision.
Bitcoin's price is still holding above that thin zone, but the options book shows exactly where a sharp drop would find the least protection.
Sources: CryptoPotato, CryptoSlate
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