Billions in Bitcoin options expired today. What actually changed hands?

Billions of dollars in Bitcoin options expired, but the figure represents the notional value of contracts—not an equivalent amount of Bitcoin changing hands. Most contracts were likely settled financially, rolled over, or expired out of the money, limiting immediate spot-market impact. The key implication is that the expiry may increase short-term volatility around key strike levels, but it does not by itself signal billions of dollars of buying or selling pressure.