Bitcoin Options Worth Up to $15.9 Billion Set to Expire

About $15.6 billion to $15.9 billion in Bitcoin options are scheduled to expire on Deribit at 08:00 UTC on Friday, Sept. 25, as traders assess whether the cryptocurrency’s recent rally can hold after contracts settle. The figures are estimates of the contracts’ notional value, not cash expected to change hands at expiry. Deribit data cited in the reports shows more expiring calls than puts, with a put-to-call ratio reported between about 0.69 and 0.76. That imbalance reflects options positioning but does not establish which way Bitcoin will move. The contracts represent roughly 182,000 bitcoin, including about 106,200 calls and 75,900 puts, according to one reported breakdown. Bitcoin was reported trading around $85,000 to $86,300 ahead of the settlement. Deribit’s max-pain level, a theoretical price at which the largest number of options would expire worthless, was placed between $75,000 and $76,000. Analysts cautioned that the measure is not a reliable standalone forecast of the settlement price. The options expiry could alter hedging activity by market makers and other participants. Dealers who are short calls may buy Bitcoin as prices rise to balance their exposure.