About $15 Billion in Bitcoin Options Expire Friday With $100,000 Calls

About $15 billion in Bitcoin (BTC) options are scheduled to expire Friday, putting a large block of contracts near key strike prices as the market trades below the largest call concentration.

Contracts expiring Sept. 25 account for more than one-third of total Bitcoin options open interest on the venue. The put-to-call ratio is 0.70, while the largest call positions are concentrated at $85,000, $90,000 and $100,000 strike prices.

Bitcoin was trading near $84,258, down 2% on the day. The price was above the $76,000 max-pain level but below $85,000, where call open interest was most concentrated.

Large options expirations are often accompanied by increased volatility. Hedging activity by market makers can also moderate price swings around settlement.