Bitcoin Options Worth $11 Billion Expire Friday on Deribit as BTC Trades Near $81,500

About $11 billion in Bitcoin options expire Friday on Deribit, with Bitcoin trading near $81,500 a day after the Federal Reserve held rates at 3.75% to 4.00%, though two officials voted to raise them. Friday's batch covers roughly 135,000 Bitcoin in contracts—about 88,700 calls and 46,500 puts—equal to about a third of all Bitcoin options open on the exchange and roughly 70% more than the $6.4 billion that expired in August, according to Deribit data. The put-to-call ratio is 0.52. The $11 billion is notional value, not money changing hands. About 86% of contracts are out of the money, and settling at current levels would move roughly $130 million, about 1% of the headline figure. Deribit's max pain stands at $78,000, about $3,500 below the market. The heaviest call bets sit at $95,000 and $100,000, while the largest put cluster is at $70,000. The next major expiry is December 25, when about 135,500 Bitcoin in options are set to expire, roughly two weeks after the Fed meets December 8-9.