Bitcoin faces a major expiration on derivatives. On Friday, September 25, about 182,000 BTC worth of options—representing $15.6 billion in notional value—will expire on Deribit. Calls dominate with 106,200 BTC, versus 75,900 BTC of puts. Settlement occurs while Bitcoin was trading around $85,000 at the time of the Deribit snapshot, which is well above the “max pain” level set at $76,000.

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