Friday’s Deribit weekly settled above $82,000. The $78,000 and $80,000 puts never came into play. Monday’s $84,250 high is still the Brief’s flip line.
By Joaquín Larrabure, Markets · 16 Oct 2026, 11:23 UTC
Key points
- Deribit’s 16 October bitcoin options expired at 08:00 UTC (10:00 CEST) with a delivery price of $82,111.38. The expiry instruments have cleared from the live book.
- Spot held the low $82,000s into and after the print. Kraken’s UTC day so far ranged from a $81,576.6 low (03:00 UTC hour) to a $82,428.5 high; the 08:00 UTC hour traded $82,054.5 to $82,280 and closed $82,150.1. The $78,000 and $80,000 put lines flagged in this morning’s First Print were not tested.
- US spot bitcoin ETFs took in a net $5.1 million on 15 Oct once IBIT printed, per today’s ETF Desk, after Wednesday’s −$261.4 million. Ether funds still lost $60.3 million.
The morning story was the wall. The midday story is that it never mattered.
Thursday evening’s bounce Market Read had already repaired the PPI open under $80,000. Overnight and through Europe’s open, bitcoin chopped in a roughly $81,500 to $82,400 band and walked into expiry above $82,000.
What the tape did next
Put simply, a “hold” here means spot stayed above the largest put strikes through settlement without a stop-run into them. The 08:00 UTC Kraken hour opened at $82,183.7, dipped to $82,054.5 and closed $82,150.1. The 09:00 UTC hour eased toward $82,000. At about 09:48 UTC Kraken showed bitcoin near $82,012, ether near $2,449, Solana near $106.33 and XRP near $1.338. Coinbase’s 24-hour stats still reflected Thursday’s $79,676.02 low.
Derivatives
Leverage stayed quiet. Deribit’s bitcoin perpetual open interest was about $856 million at 09:48 UTC, with eight-hour funding near 0.0095%. OKX’s BTC-USDT swap funding was about 0.0082%. Deribit’s DVOL index eased into the print: the 08:00 UTC hour closed about 36.9 and the 09:00 UTC hour about 36.3, down from the high-38s into Thursday’s US close.
The next weekly book that matters is 23 October. At our read it carried about 13,725 BTC of open interest with puts outnumbering calls about 1.24 to one. The largest near put lines remain $78,000 (about 1,800 BTC) and $80,000 (about 876 BTC) — the same strikes our week-ahead calendar first flagged for Friday, now rolled one week.
The levels
The level that mattered into 08:00 UTC was $80,000, and it held without being tested. The level that matters into the US cash open is whether the low $82,000s keep acting as a floor on the post-expiry chop. A sustained break back below $80,000 would reopen the $78,000 put line on the next weekly. A sustained reclaim of $84,250 — still unbroken on this Kraken hourly set — would be the first serious challenge to the post-CPI/PPI downswing and to the Bearish Brief line we have carried since that break.
One alternative read is that expiry simply removed a put-heavy overhang while spot is still capped under Monday’s high, and that without a reclaim of $84,250 the bounce remains a repair, not a trend change. That sits beside today’s modest +$5.1 million bitcoin ETF print against another week of ether outflows.
As of about 09:48 UTC, bitcoin is trading near $82,012 on Kraken. Stablecoin supply on DefiLlama was about $306.0 billion at the same snapshot.
Correction, 16 Oct 2026: An earlier version of this article gave Deribit’s eight-hour perpetual funding rate as 0.00009% and OKX’s BTC-USDT swap funding rate as 0.00008%. Both exchanges report funding as a decimal fraction, and those raw values were printed as percentages, so the figures were 100 times too small. At 09:48 UTC the rates were about 0.0095% and 0.0082% per eight hours.
This article is for information only and is not investment advice.