Bitcoin Approaches $96.7K Amid Rising ETF Interest and Spot Volume

Bitcoin has broken through several investor cost‑basis thresholds that limited its earlier 2026 rally. The advance comes alongside higher spot trading volume, renewed interest in exchange‑traded funds (ETFs), and restrained profit‑taking.

Cost‑basis breakthrough and on‑chain resistance

On‑chain data shows Bitcoin’s price has stayed above its Realized Price, indicating that holders are not forced to sell at a loss. The next significant on‑chain resistance is the mean MVRV price near $96,700, following a supply zone around $84,000‑$85,000 where long‑term holders may consider taking profit.

Spot and ETF demand supporting the rally

Trading volume on spot markets has more than doubled since the August low, and ETF buying has strengthened as prices rise. Rallies driven by spot demand typically carry a different risk profile than those powered primarily by leveraged derivatives.

Quarterly options expiry adds short‑term dynamics

Approximately 167,000 Bitcoin options contracts, representing about $14.04 billion in notional value, expire on September 25, according to Greeks.live. The contracts have a put‑call ratio of 0.87 and a maximum‑pain level near $79,000, accounting for roughly 32 % of total Bitcoin options open interest. After expiry, gamma exposure is expected to shift higher, concentrating above $90,000 and potentially amplifying price moves toward $92,000 while adding resistance near $95,000.

Broader market context

Altcoins are also rising, but overall leverage in the market remains modest relative to the price move. Implied volatility has recovered from the previous week but stays contained, and much of the options activity around expiry involved rolling positions rather than aggressive directional bets.

If spot and ETF buying continue to absorb supply in the $84,000‑$85,000 zone, attention could shift toward the $90,000‑$95,000 range and eventually the $96,700 MVRV level.