Bitcoin declined into Deribit’s Sept. 11 options expiry, rebounded during the first hour after settlement and then gave back the gain before the two-hour post-expiry window ended. The move only partly matched a pattern identified in a peer-reviewed Finance Research Letters study, which found that Bitcoin tends to fall before expiry and reverse afterward when at-the-money open interest ranks in the sample’s top decile. The study’s strongest negative-gamma condition was not corroborated by three model-based dashboards, while public data could not establish the required open-interest ranking. The expiring options were valued at about $2.24 billion, with roughly $1.40 billion in calls and $844 million in puts. Deribit’s official delivery price was $77,234, and Bitcoin later fell as low as $76,000 before recovering toward $77,500 as of press time.