Bitcoin faces $16 billion options expiry Friday, then two more tests hit the rally
Summary
About $16 billion in Bitcoin options expire on Deribit at 08:00 UTC Friday, with calls making up roughly 60% of open interest. Bitcoin is near $86,300, while options data suggests a stabilizing positive-gamma zone and an implied move of about 3.15% through settlement. The expiry coincides with US economic releases and CME Bitcoin futures settlement later in the day, creating several potential volatility catalysts. ETF inflows and short liquidations have supported the recent rally, but analysts say the price response after options-related hedges unwind will help show whether demand can persist. A model places major call and put concentrations at $95,000 and $60,000, respectively.
