数十亿比特币期权今天到期。到底是什么转手了？

Bitcoin’s September 25 quarterly options expiry has put an enormous open-interest figure beside a much smaller and less visible question: which contracts produced payments? The exchange rules tell us what a winning holder receives. They do not turn a pre-expiry headline into a verified account of money transferred at settlement.

Summary Deribit’s September quarterly Bitcoin options expired at 08:00 UTC on September 25, with a 30-minute settlement-price window.

A September 23 report cited roughly $16.1 billion of Bitcoin options open interest, a snapshot before the deadline rather than a settlement bill.

Inverse Bitcoin options settle cash flows in BTC; USDC linear options can produce USDC cash flows under a different contract design.

An option’s strike and settlement price determine its intrinsic value, while premiums and prior hedges affect each trader’s net result.

A reliable total of funds transferred requires contract-level positions and clearing data that the public headline does not provide.

Bitcoin options worth billions of dollars have reached their quarterly expiry, but the advertised amount has not been paid from one side of the market to the other.

Deribit’s published expiry schedule puts the September quarterly contracts on the final Friday of the month at 08:00 UTC. Its delivery-price policy uses an index time-weighted average between 07:30 and 08:00 UTC. That is the price reference for automatic exercise and settlement of qualifying contracts. A pre-expiry estimate describes positions still open at an earlier observation time. It cannot be read as a receipt for the 08:00 settlement.

A September preview of the combined expiry cited approximately $18.1 billion across Bitcoin and Ether as of September 23, with Bitcoin accounting for about $16.1 billion in the snapshot it reported. An earlier $16.6 billion combined estimate appeared on September 15. Neither figure is a timestamped count of contracts that remained open at the cutoff, much less the cash or coins exchanged by winners and losers. The amount changes as positions are opened, closed or rolled, and as the underlying Bitcoin price changes the dollar translation of BTC denominated contracts.

There are three separate ledgers behind the headline. Open interest measures the outstanding contract position before expiry. Intrinsic settlement measures the value of options that finish in the money at the prescribed price. Net trading profit adds the premium paid or received and the results of any hedge put on before settlement. They are different numbers, potentially recorded in different assets. Collapsing them into one figure makes a market event sound more like a mass transfer than the contract terms support.

The big number measures outstanding positions

An option gives its buyer a right linked to a specified strike price, while its seller has the corresponding obligation. A call benefits from a settlement price above its strike. A put benefits from a settlement price below it. Open interest counts outstanding positions, ordinarily one long and one short for each open contract. Counting those two sides as separate piles of wealth would double-count the economic exposure. Counting every dollar of notional as a payout makes a different mistake: an option can expire without value, or finish only a small distance beyond its strike.

The reported $16.1 billion Bitcoin component was a pre-expiry estimate of outstanding positions, not the amount of premium paid when those positions were first traded. Option premiums can be a fraction of the notional exposure and vary with strike, maturity and implied volatility. Nor is the estimate the maximum loss of every buyer. A buyer generally risks the premium paid, while a short option can have a very different risk profile, subject to margin and any offsetting trades.

The exchange and the publication also define the scope of the estimate. A figure drawn from Deribit data does not automatically include every venue’s Bitcoin options, over-the-counter positions or listed futures used as hedges. Even within one venue, a dollar presentation can translate BTC contract sizes using an underlying price that differs from the eventual delivery price. To audit a headline, a reader needs its observation timestamp, currency, contract universe and calculation method.

The September 23 snapshot preceded expiry by almost two days. Some positions could have been closed through a trade, reducing open interest; others could have been opened or shifted into later maturities. A trader rolling a September call into October does not receive the September notional as cash. The exchange offsets the old position in a transaction and the trader opens another position at a different premium. Exchange volume during that process is real trading activity, but it is distinct from the final exercise amount.

Deribit’s contract specifications also distinguish inverse, BTC settled options from linear options whose results are settled through USDC products. A dollar sum across instruments may be a convenient scale measure, yet it does not identify a single pot of dollars ready to move at 08:00. The legal contract and its settlement currency determine the ledger entry. The quoted notional alone cannot.

The contrast has appeared in earlier coverage. After an August expiry of roughly $9.6 billion of options, the market could still trade on funding, spot flows and macroeconomic news. The fact that a large maturity arrives on a calendar does not isolate its price impact. It does, however, eliminate the expiring option positions and may change how dealers hedge any positions that survive in other instruments.

The 08:00 price sets exercise, not trading volume

Deribit’s delivery-price documentation specifies an index time-weighted average during the 30 minutes ending at 08:00 UTC for the relevant expiry. This matters because a single last trade at 08:00 is not the settlement price. A headline saying Bitcoin briefly touched a strike cannot show whether a call or put settled in the money. The exchange’s published delivery price, for the correct underlying and date, is the relevant reference.

For a conventional European-style option, exercise at expiry depends on the relationship between that delivery price and the strike. A call struck at $80,000 is worth $5,000 per BTC of underlying at a hypothetical $85,000 delivery price before premiums and contract-specific currency conversion. A call struck at $90,000 has no intrinsic value at the same price. A put struck at $90,000 has $5,000 per BTC of intrinsic value. Those values do not tell us how much any holder made: the holder could have paid $6,000 for the first call and lost $1,000 after the exercise value.

That $85,000 is an illustrative price, not a claim about September 25’s actual delivery price. It lets us separate the unit of notional from the unit of payment. Consider a holder of one BTC equivalent of the $80,000 call. The holder’s $80,000 strike exposure is not transferred at expiry. On these assumptions, the gross intrinsic value is $5,000. For a corresponding inverse BTC cash-settled calculation, a $5,000 USD value converted at $85,000 per BTC is approximately 0.058824 BTC. The exact exchange debit and credit must follow the instrument’s own payoff specification, including contract size and rounding.

Change the hypothetical delivery price to $80,100, and the same call has just $100 per BTC of intrinsic value. Leave it at $79,900, and the call has none. The advertised notional attached to the open position could look broadly similar in all three cases just before settlement, while the actual exercise value changes dramatically. Near-the-money concentration is therefore more informative for settlement than a single aggregate notional.

Deribit’s inverse options specifications describe automatic exercise of in-the-money options and cash settlement in BTC. Cash settlement means an account is credited or debited under the contract; it does not require delivery of physical Bitcoin in exchange for a strike payment, nor a purchase of one BTC in the spot market for every expiring call. Its delivery procedure pauses trading in expiring instruments around the event and updates balances. The clearing system nets obligations by account and contract. Public open interest, which consists of outstanding longs and shorts, does not reveal that account-level netting.

Some traders may have exchanged premiums minutes or weeks earlier. A customer can buy a call from a market maker, and the market maker can hedge by buying spot Bitcoin or futures. When the option expires, that hedge may be reduced, maintained for another exposure or transferred to a new maturity. A spot purchase before expiry and a sale after expiry are actual market trades, but neither should be labeled the option settlement cash flow. An observed burst of spot volume requires a separate attribution to identify whose hedges changed.

JUST IN: $6.36 billion in Bitcoin options expire on Deribit this Friday

Around 81,000 contracts settle at 8 AM UTC, with max pain near $69,000 pic.twitter.com/7sZTK9teq7 — crypto.news (@cryptodotnews) August 28, 2026

Two contract designs can pay in different assets

The BTC inverse option and a USDC linear option may both appear in a dashboard of Bitcoin options exposure. Their payoff plumbing differs. Deribit’s inverse option uses BTC as the settlement currency. Its value expressed in dollars at the delivery price is translated into a BTC account change. A participant receiving BTC can choose to sell it later, but the settlement itself is an exchange-account credit in the contract currency, not automatic evidence of a sale into dollars.

Deribit’s current linear-options documentation says the USDC product exercises into a future and that the resulting position is cash settled in USDC. The exchange introduced this two-step arrangement in April 2026. At expiry, therefore, describing every Bitcoin option as simply paying BTC would be incorrect. The exercise may create an offsetting futures position before the USDC settlement step. The relevant futures specifications say profit and loss is transferred in USDC. A reporter has to inspect the instrument code before calling the payment BTC, USDC or a spot-market purchase.

The term cash settled can confuse readers because it does not necessarily mean a bank-wire transfer in fiat currency. On a crypto derivatives venue it refers to a ledger cash flow in the contract’s specified unit, potentially BTC or a stablecoin account balance. These credits and debits are real economic transfers between counterparties through the clearing venue. Their total gross value is not published merely by reporting options open interest.

The conversion creates a subtle accounting issue. If a BTC-settled inverse option has a fixed USD intrinsic value in a hypothetical payoff, the number of BTC credited depends on the delivery price used for conversion. Summing BTC credits across strikes and translating the result at a different spot price later would give another dollar figure. A claim of an exact amount “changing hands” must identify its unit and valuation time. The same headline can otherwise conflate the option’s reference exposure with coins delivered, dollar-valued settlement and exchange volume.

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This distinction matters to risk as well as to journalism. A trader receiving BTC from a winning inverse option can have more BTC exposure after settlement unless another position offsets it. A USDC linear payout adds a different balance and may leave no equivalent BTC holding. If the goal is to infer buying pressure from expiry, one would need to observe how recipients traded those balances, what sellers did to cover obligations and whether market makers unwound hedges. The settlement rules alone do not establish a directional spot flow.

Max pain is a model, not a clearing result

Expiry coverage often quotes a “max pain” strike, the price at which the aggregate intrinsic value of open call and put positions would be minimized under a specified snapshot and simplified assumptions. The number can be recalculated when positions change. It does not dictate the actual delivery price, and it is not an amount transferred. The method also assumes open-interest holders have similar interests, while real accounts can combine options at several strikes, futures, spot positions and exposures on other venues.

An options seller might welcome a given strike finishing out of the money in isolation. The same trader may have bought an offsetting option, sold futures or hedged spot inventory, changing the net economic result. An observed concentration of calls at one strike does not tell us whether the holders are retail buyers, institutions hedging a different position or market makers long an option against a short elsewhere. The published distribution does not identify the beneficial owners or their net books.

NEW: Bitcoin options expiry of $10 billion approaches with max pain level at $72k pic.twitter.com/qxw5gD5LV6 — crypto.news (@cryptodotnews) June 25, 2026

The weakness becomes obvious with distant strikes. Coverage of far out of the money Bitcoin puts described hundreds of millions of dollars of notional at a $20,000 strike in a prior expiry. Such positions can alter a chart of outstanding risk without implying a payout at a market price many times higher. They may be cheap catastrophe hedges, parts of spreads or inventory. The strike distribution, not simply the headline sum, determines which portion finishes with intrinsic value.

Even a complete strike-by-strike open-interest table just before the cutoff would not tell the whole story. It could support an estimate of gross intrinsic value if paired with the verified delivery price and exact contract specifications. But it would still lack every trader’s paid premium, offsets and cross-market hedges. It also might not reveal bilateral position netting or whether a venue applies particular rounding and exercise rules. An estimate of gross exercise value is a narrower, defensible claim than a claim of total market profit.

A market maker’s delta hedge can produce buying or selling before the delivery window. As the underlying moves toward a crowded strike, the option’s sensitivity to small price moves may change rapidly, especially near expiry. The direction of the hedge depends on whether the dealer is net long or short the relevant options and what other positions are in the book. Public open interest is not a sign map of dealers’ net exposures. Assertions that “max pain pulled the price” or that billions of expiring calls forced a rally need evidence of positioning and hedge trades, not a strike chart alone.