Roughly $16 billion in Bitcoin options expire on Deribit at 08:00 UTC on Friday, Sept. 25, with calls accounting for about $9.6 billion and puts for about $6.4 billion. Bitcoin is trading near $86,300 after rising above $85,000 this week. The options settlement will be followed by US durable goods data, the University of Michigan’s final September consumer sentiment reading and CME’s September Bitcoin futures settlement at 15:00 UTC. Ledn co-founder Mauricio Di Bartolomeo said the expiry is the second part of a quarterly cycle that began with Wall Street’s equity-options settlement. He expects large $85,000 and $100,000 call positions to generate hedging demand if Bitcoin continues higher, although the direction of dealer hedging depends on which side of the contracts dealers hold. ByKaranteli’s open-source gamma model identifies a $95,000 call wall, a $60,000 put wall and a zero-gamma level near $71,000, placing current prices in a stabilizing positive-gamma zone. Deribit’s DVOL index and Friday’s at-the-money implied volatility were 38.1, implying an approximate one-standard-deviation range of $83,600 to $89,100. Recent ETF inflows, short liquidations and rising crypto open interest have supported the rally, but the report says price must hold through the options, macro and CME settlements for the move to show broader confirmation.