Crypto Market Completes Record $18.1 Billion Quarterly Options Expiry as Bitcoin Defends $84,000

Deribit settled its quarterly crypto options on September 25 at 08:00 UTC, clearing approximately $16 billion in Bitcoin contracts from an $18.1 billion combined Bitcoin and Ethereum open interest. Bitcoin traded near $84,000 heading into the expiration, retreating from earlier highs above $87,000 while staying well above the $75,000 to $78,000 max pain zone. The expiration wiped out more than one-third of Deribit's outstanding Bitcoin open interest. The market entered the settlement with a bullish put-to-call ratio between 0.66 and 0.76, supported by robust spot ETF inflows, before facing subsequent macroeconomic data releases and CME futures settlements.