On September 22, the cryptocurrency market experienced a sharp decline, falling below the $4 trillion mark. According to Deribit data, the largest bets in options contracts expiring at the end of the month are concentrated at two extremes: protective puts against prices dropping below $95,000 and bullish calls on prices surging above $140,000. These significant positions suggest traders anticipate market volatility rather than stability. Deribit reports that approximately $23 billion in Bitcoin and Ethereum options contracts are set to expire on Friday, marking one of the largest expiry dates in history. This has heightened market caution as traders brace for potential price swings.