The cryptocurrency market is alive with excitement and a healthy dose of news these days. Bitcoin is hovering just over the $94,000 level and has significant resistance as it continues to try to break through the $100,000 barrier. As the September expiration date nears, market activity is beginning to pick up. A colossal $8 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire on Deribit today. At the same time, Solana (SOL) continues to build momentum as more listed companies accumulate the asset.

Bitcoin's journey towards $100,000 is proving challenging. The biggest obstacle is getting passed the thick supply wall at $97,000, where 392k Bitcoins are stacked. This resistance is visible on your chart at the $94,000 to $95,000 region, where Bitcoin is currently experiencing heavy overhead resistance.

Bitcoin ETF and Market Dynamics

Bitcoin ETFs are pushing back and proving resilient. One Bitcoin ETF currently holds $442 million. Breaking the $85,000 ceiling continues to be a major point of interest for bullish investors. The market is waiting for a big breakout if Bitcoin can overcome these headwinds.

The looming expiry of $8 billion in BTC and ETH options on Deribit. This is going to be a highly volatile period for the market no matter what happens. Traders are keeping a close eye on these announcements, as they have historically resulted in substantial price oscillations and higher volumes traded. These expirations have a massive impact on near-term market dynamics.

Solana's Rising Popularity

After Ethereum, Solana is perhaps the most remarkable story of taking significant market share from the altcoin market. After all, more and more public companies are adding Solana to their balance sheets. Upexi currently has $100 million worth of SOL reserves and Sol Strategies owns about 270,000 SOL. DeFi Development Corporation is sitting on roughly 320,000 SOL, and SOL Global Investments owns 260,000 SOL.

Following a successful breakout above the $150 mark, SOL is poised to test $180. This unprecedented wave of enthusiasm and capital clearly reflects the skyrocketing confidence in Solana’s future. In addition, Solana’s growing concentration of SOL held by crypto exchanges, whales and funds, governments and corporations indicate a bullish outlook on its long-term viability.

Ethereum ETF

Ethereum also has substantial bounces in the ETF front. The Ethereum ETF currently holds $63.49 million. This demonstrates growing institutional interest in Ethereum.