Bitcoin Options Worth $15.6 Billion Expire Friday on Deribit at $76,000 Max Pain

Roughly $15.6 billion in Bitcoin options expire Friday on Deribit, with 182,000 BTC in open contracts split into 106,200 calls and 75,900 puts. The put-to-call ratio of 0.71 signals traders are betting on further price gains, aligning with "greed" sentiment on the Crypto Fear and Greed Index. Deribit's dashboard puts Friday's max pain level at $76,000, about $9,000 below Bitcoin's current price near $85,000. The heaviest strike sits at $70,000, holding both the largest call position (8,705 BTC) and put position (7,653 BTC). Call concentrations also cluster at $90,000 (7,222 BTC) and $100,000 (6,950 BTC), while put bets sit at $60,000 (5,571 BTC) and $75,000 (4,257 BTC). The expiry coincides with U.S. durable goods orders, the University of Michigan's final September sentiment reading, and CME's September Bitcoin futures settlement. Deribit settles at 8:00 UTC Friday, with CME closing at 15:00 UTC.