Bitcoin’s $16 Billion Quarterly Options Settlement Arrives with Call-Heavy Book

quarterly options settlement — Nearly $16 billion in bitcoin options are set to settle on Friday, September 24, in one of the largest quarterly expiries of the year, with a market structure heavily tilted toward bullish bets.

According to data from Deribit, the bitcoin options expiry represents 37% of the exchange’s total open interest. The notional value of ether options expiring on the same day is approximately $2.1 billion. The settlement occurs as bitcoin trades near $85,000.

Analysts note that more than half of the $9.4 billion in bitcoin call options set to expire are currently in the money, meaning their strike prices are below the current market price. In contrast, the vast majority of put options are out of the money. This ‘call-heavy’ positioning suggests a significant portion of market participants have been betting on higher prices.

The massive expiry could reshape dealer hedging activity, which has been a source of buying pressure during bitcoin’s rally through the $80,000 to $87,000 range. This supportive flow may fade after settlement, potentially leading to increased short-term volatility in the spot market.