#dvol

Every few months, headlines warn of a looming multi-billion-dollar options expiry poised to shake Bitcoin price. This quarter’s figure, roughly $13 billion in notional contracts, sounds dramatic, yet it’s part of a well-worn pattern on Deribit, the exchange that clears nearly 90% of Bitcoin’s options open interest. The real story isn’t the size of the expiry, but the rhythm of how volatility is…