Bitcoin's $2.24 billion Friday options expiry teased a reversal then fell to $76k again

Bitcoin experienced minor volatility surrounding Deribit's September 11 options expiry, which settled approximately $2.24 billion in contracts consisting of $1.40 billion in calls and $844 million in puts. Across Deribit perpetuals, Coinbase spot, and Kraken spot, Bitcoin declined between 0.16% and 0.18% in the final hour leading up to the 08:00 UTC settlement. The official Deribit delivery price was established at $77,234 based on a 30-minute time-weighted average price calculation. Following the settlement, Bitcoin attempted an initial bounce, gaining between 0.19% and 0.21% by 09:00 UTC, but the rebound quickly faded. By 10:00 UTC, prices on all three venues fell back below expiry-time levels, dropping as low as $76,000 before recovering toward $77,500. This price behavior partially mirrored theoretical post-expiry reversal patterns documented in academic literature, although market dashboards failed to confirm the high-gamma or extreme open-interest conditions required for sustained post-settlement continuation.