Bitcoin options with a notional value of about $11 billion expire Friday on Deribit, representing about one-third of the exchange's Bitcoin options open interest. About 86% of the contracts would expire worthless at current prices, and settlement near the current Bitcoin price of $81,500 would transfer roughly $130 million. Options sellers' hedging trades can amplify Bitcoin price swings even without new developments. Deribit's positioning places max pain at $78,000, but that measure does not forecast the settlement price. The Federal Reserve kept rates at 3.75% to 4% on Wednesday, with two officials favoring an increase.