Bitcoin is currently trading above $111,000, experiencing minor gains while ether and the broader CoinDesk indexes perform better. With significant options expiration on the horizon, market sentiment indicates a potential push towards the $116,000 "max pain" level. Meanwhile, derivatives data shows mixed sentiment with traders hedging against potential price declines.

Bitcoin experienced a significant decline in August, losing 8% and erasing its summer rally, while ether saw substantial capital inflows, particularly from ETH ETFs. Historical data suggests that September has been a challenging month for bitcoin, with a negative average return over the past twelve years. However, the small sample size of these observations may limit their reliability as indicators of future performance.