Bitcoin traders are preparing for a significant $12 billion options expiry on August 29, with the market showing cautious sentiment. The options market, particularly on Deribit, reveals a 'put-heavy' positioning in the $110K-$115K range, indicating hedging against potential downside risks. The Put/Call ratio stands at 0.88, suggesting a slight dominance of bullish bets despite the cautious outlook. The Max Pain level is identified at $116K, which could influence price movements. Bitcoin recently touched $108.6K on August 26, driven by a major whale's BTC to ETH conversion. Glassnode identifies $110.8K as a critical support level, with potential implications for market structure if breached. Upcoming macroeconomic data, including unemployment claims and Core PCE inflation, may further impact market volatility. Despite the bearish sentiment, QCP Capital remains optimistic about Bitcoin's near-term prospects.