$11 Billion in Bitcoin Options Expire Friday on Deribit

The scale is the story: a third of Deribit's Bitcoin options rolling off in a single session turns an otherwise routine expiry into a positioning event, and the timing right after a split Fed vote adds a macro overlay that crypto derivatives rarely get this cleanly. The split vote itself is the detail worth flagging — it signals genuine disagreement on the policy path, which tends to feed volatility expectations rather than settle them. Whether that disagreement translates into a messier expiry than the headline number alone would suggest is the open question.