Bitcoin faces $16 billion options expiry and multiple market tests on Friday

Bitcoin options with a notional value of approximately $16 billion are set to expire on Deribit on Friday, September 25, at 08:00 UTC. The open interest consists of $9.6 billion in calls and $6.4 billion in puts. As Bitcoin trades near $86,300, the market faces a triple test including the options expiry, two U.S. economic releases, and the expiration of CME September Bitcoin futures. Ledn co-founder Mauricio Di Bartolomeo noted that quarterly expirations often follow a two-act structure, with dealers hedging positions as call options move into the money.