IBIT Options at $40-$45 Level Ahead of September 18 Expiry

Bitcoin (BTC) has moved following the Federal Reserve's interest rate decision as BlackRock's iShares Bitcoin Trust ETF (IBIT) options totaling over 1.47 million contracts approach their September 18 expiry date. The underlying asset value based on these contracts is approximately $6.3 billion (about 8.568 trillion won). The Federal Reserve raised its target federal funds rate range by 0.25 percentage points to 3.75%-4.00% on September 16, with the policy statement released at 3 a.m. KST on September 17.

Cboe data shows IBIT options expiring September 18 have 1,465,553 open contracts, consisting of 833,070 call options and 632,483 put options. At a standard of 100 shares per contract, this represents approximately 146.6 million shares. Based on an IBIT price of $42.87, the underlying asset value is about $6.28 billion (about 8.5408 trillion won). CryptoSlate analyzed these figures from Cboe data.

Approximately 37.2% of open contracts, or 545,861, are concentrated at strike prices between $40 and $45. The single most active strike price is $45 with 141,670 contracts and $40 with 122,979 contracts. Converting these IBIT strike prices to Bitcoin equivalents based on a simple ratio suggests the $40-$45 range corresponds to approximately $79,000-$79,700 for Bitcoin. The $41 IBIT level equates to roughly $72,650 in Bitcoin.

These conversions are merely reference points and not target prices; they do not account for option premiums, trading costs, position adjustments, or exposure by holders. Open interest does not indicate actual trade volume at expiry or market makers' net positions. Option holders can close positions before expiry or roll them to future dates, with some contracts potentially expiring worthless or being exercised.

IBIT options are physically settled rather than cash-settled, meaning ETF shares will be delivered upon expiry. Therefore, the actual impact on stock delivery and market influence depends on position composition and trading activity before expiry. Cboe recently increased IBIT option position and exercise limits from 250,000 to 1,000,000 contracts to allow liquidity providers to take larger hedge positions and narrow bid-ask spreads.

Open interest distribution across strike prices indicates potential trading concentration areas but does not definitively show which side bears risk. CryptoSlate previously reported that IBIT options expiring September 18 had call open interest concentrated between $40-$50, while this analysis combines calls and puts to highlight the $40-$45 concentration.

Derivasys recorded Bitcoin's one-week implied volatility at 36.61% on September 16, and InflowScan reported an IBIT put-call ratio of 1.06. These metrics alone cannot determine post-expiry price direction. Whether prices remain outside the concentrated range or return to it will influence hedging strategies and position adjustments before and after expiry.