Bitcoin and Ethereum options with a combined notional value of about $2.52 billion expired on Sept. 11, according to Greeks.live. The settlement included 29,000 Bitcoin options worth $2.24 billion and 114,000 Ethereum options worth $280 million. Bitcoin declined into Deribit’s 08:00 UTC expiry, rebounded by about 0.2% during the first hour and erased the gain within two hours. The move only partly resembled a peer-reviewed Finance Research Letters study that found Bitcoin tends to fall before expiry and reverse afterward under high at-the-money open interest and negative-gamma conditions, neither of which public data confirmed. Bitcoin later fell as low as $76,000 before recovering toward $77,500, while Greeks.live reported slightly lower open interest and options activity for Bitcoin and Ethereum.