Bitcoin Options Expiry Removes $15.6 Billion in Quarterly Derivatives Position

A significant Bitcoin options settlement occurred on Deribit on September 25, as about $15.6 billion in contracts expired. The event removed a large quarterly derivatives position while Bitcoin traded near $84,000.

The expiring options represented around 182,000 BTC and included roughly 106,200 call options and 75,900 put options. Calls give holders the right to buy at a set price, while puts give holders the right to sell.

Large options expiries can affect short-term trading as dealers adjust hedges in spot and futures markets before settlement. After expiry, some related hedge flows may disappear or shift into contracts with later maturities.