Over $11 billion in Bitcoin options expire on Deribit as traders watch max pain and Fed policy

Over $11 billion in Bitcoin options expire on Deribit on Friday, representing roughly 135,000 BTC and about a third of the exchange's open interest. Max pain, the price where option sellers lose the least, is set at $78,000, while Bitcoin trades near $81,500. About 86% of contracts are out of the money, and the put-to-call ratio of 0.52 indicates trader optimism. The expiry coincides with the Federal Reserve holding rates steady at 3.75% to 4%, with two officials dissenting in favor of a hike.