About $15.6 billion in Bitcoin options covering approximately 182,000 BTC are scheduled to expire on Friday, Sept. 25, on Deribit. Calls account for 106,200 BTC and puts for 75,900 BTC, producing a put-to-call ratio of 0.71, revised from the previously reported 0.70. The $76,000 max-pain price is the level at which the greatest amount of options would expire worthless, and settlement is scheduled for 5 p.m. Japan time. The contracts represent more than one-third of Bitcoin options open interest on Deribit. Bitcoin was previously reported trading at about $84,258, down 2% on the day, above the max-pain level but below the $85,000 strike with the heaviest call concentration. Large expiries can increase volatility, although market-maker hedging may moderate price swings.