About $15.6 billion in Bitcoin options, representing roughly 182,000 BTC in open contracts, are scheduled to settle on Deribit at 08:00 UTC on Sept. 25, alongside about $2.1 billion in Ether options. Some newer reporting cited a $15 billion Bitcoin total and a Friday 4:00 a.m. ET expiry, equivalent to 08:00 UTC, while a post said $4.7 billion was positioned between $50,000 and $85,000 and that 98% of sell options were worthless. Bitcoin’s broader options open interest has risen above $50 billion, with calls comprising about 59% to 60% of outstanding positions, although puts represented 58.2% of newly traded 24-hour volume. Deribit and OKX place Sept. 25 Bitcoin max pain near $76,000, below Bitcoin’s roughly $84,000 price, while futures open interest has approached $60 billion. The updated Deribit expiry book contains 106,200 calls and 75,900 puts, producing a 0.71 put/call ratio. The notional value represents outstanding exposure rather than cash changing hands, and positioning is concentrated at the $70,000, $90,000 and $100,000 strikes. U.S. durable goods orders, the University of Michigan’s final September sentiment reading and CME’s September Bitcoin futures settlement will follow or coincide with the expiry.