Deribit Exchange Data Reveals Bitcoin’s Critical $110,000 Support Level Amid Historic Weakness

Bitcoin is experiencing its third-worst performing week of the year, with Week 38 historically averaging a -2.25% return. Only Weeks 28 and 14 have recorded deeper losses at -2.78% and -3.91%, respectively. The cryptocurrency currently trades near $113,000, down 2% this week, as Deribit's September options expiry indicates a maximum pain threshold of $110,000—a critical level that could trigger additional downward movement.

Market enthusiasm has diminished, with Bitcoin perpetual funding rates dropping to 4%, their lowest point in a month. The weak demand for Leveraged long positions signals a retreat in speculative activity. Implied volatility remains near historic lows at 37, reflecting muted expectations for near-term price fluctuations.

Despite the weekly decline, Bitcoin maintains a 4% gain for September and stands 6% higher this quarter. With 14 weeks remaining in the year—most of which are historically bullish—the current slowdown may precede a resurgence in volatility. Meanwhile, gold continues its rally, climbing another 1% as investors evaluate alternative hedging options.