Bitcoin’s end-of-September options expiry carries 130,670 BTC of open interest, up from 79,003 BTC for August. The gap may initially suggest traders are building positions ahead of the Federal Reserve’s Sept. 16 decision, but DWF Labs market insights lead Martin Lee said most of the difference is unrelated to that interpretation. Positioning described in the report shows hedging around $60,000, stronger accumulation above $78,000 and exposure concentrated in the low $70,000s.