Bitcoin traders are heading into the last weekend of September with strikingly different views on where the market is headed.

A fresh analysis from GreeksLive shows option flows split between bullish and bearish bets, painting a picture of caution despite the noise of lofty price targets circulating online.

Data reveals that some traders sold call options around $110,000, effectively betting that Bitcoin won’t break higher in the near term. At the same time, others bought put options near $109,000, a defensive play that profits if the market slips lower. The opposing moves highlight how uncertain sentiment has become, with skeptics dismissing the fourth-quarter optimism seen across social media as “foolish price behavior.”

GreeksLive also pointed to a sharp contraction in volatility as the weekend approaches, which typically dampens the probability of large price swings. Many traders opted to secure profits by closing out both ETH call options and BTC put options instead of carrying them forward, suggesting a preference for risk reduction in quieter conditions.

Even as market chatter continues to push the idea of a $112,000 weekend target, positioning across options markets tells a different story. Traders remain cautious, and the flow of defensive contracts suggests a lean toward partial bearishness rather than unbridled confidence.

The broader picture shows a community divided: one camp is prepared for another leg higher, while the other sees current moves as unsustainable. As the fourth quarter approaches, the question remains whether Bitcoin’s resilience will outlast the skepticism now building among derivatives traders.