Bitcoin's $1.29 billion options expiry on Friday carries substantial put exposure below the market price ahead of Wednesday's US inflation report. Deribit data shows about $451 million in underlying notional exposure concentrated in puts at $76,000, $78,000 and $80,000. Laevitas reports seven-day implied volatility at 32.01%, down from approximately 34.5% a week earlier. The CPI report arrives Wednesday, Oct. 14, at 8:30 a.m. Eastern Time, followed by producer-price inflation and retail-sales data Thursday. The put concentration suggests concern about renewed selling, although put open interest includes contracts sold to collect premiums rather than exclusively purchases of protection.