About $11 billion in Bitcoin options are set to expire on Friday on Deribit, covering roughly 135,000 BTC and a third of the exchange’s open Bitcoin options. The $11 billion is the contracts’ face value, not the amount changing hands. About 86% of the contracts would expire worthless at the reported market price near $81,500; settlement at that level would move roughly $130 million.
Deribit’s open interest puts the “max pain” price at $78,000, but that measure does not predict where Bitcoin will settle. The Federal Reserve held rates at 3.75% to 4% on Wednesday in a 10–2 vote, with the two dissenters favoring a hike.
