Markets
Bitcoin remains above 74 000 € as token unlocks and derivatives expiries align
Bitcoin trades around 74 200 € on 25 September 2026, at a time when a peak of token unlocks and the quarterly expiry of derivatives converge in the same session. This conjunction increases the risk of sharp short-term price moves in the market.
On the morning of 25 September 2026, bitcoin is trading around 74 200 € (approximately 84 400 $), close to its previous close, according to Investing.com data. This level remains near its recent highs, while ether is trading around 2 357 € (approximately 2 681 $). In this already tense market context, traders must contend with a busy schedule of token unlocks and derivatives expiries, which could amplify intraday volatility.
A report published on 21 September 2026 by Nexus One lists eight major unlocks between 21 September and 5 October. The day of 25 September appears to be the busiest of the week, with about 151,7 M€ (172,54 M$) of tokens released. The same document notes that this peak of unlocks coincides with the quarterly expiry of bitcoin options and futures on Deribit, a convergence of events that has historically tended to amplify short-term price swings.
The Tokentoria calendar reports, for 25 September, several unlocks of secondary but significant projects. Walrus (WAL) is set to release about 0,95 M€ (1,08 M$) of tokens, Venom (VENOM) nearly 0,60 M€ (0,681 M$) and Plasma (XPL) about 7,13 M€ (8,11 M$). Taken in isolation, these amounts remain modest relative to bitcoin’s market capitalization, but they add to a larger set of unlocks, increasing potential pressure on overall crypto market liquidity.
The period of supply stress is not limited to the 25 September session. Tokentoria records for 30 September a symbolic unlock of about 3,48 Md€ (3,96 Md$) linked to a tokenized product indexed to an equity. Such amounts, even when they concern specific instruments, raise questions about the markets’ ability to absorb a simultaneous influx of new tokens, in an environment already marked by high valuations and sustained derivatives activity.
Recent data compiled by Nexus One finally illustrate a pattern of “pre-sale” around certain unlocks. Falcon Finance, which is to release 2,39 % of its float on 29 September, reportedly fell by about 7,5 % in the week preceding the event. This type of dynamic underlines that the effects of unlocks can materialize even before the effective release date, and that episodes of volatility are not limited to the visible calendar expiries.