$16.6B Bitcoin and Ethereum Options Expiry Puts Major Q3 Strikes in Focus

The notional Bitcoin and Ethereum options markets value expiring in the third quarter of 2026 exceeds $16.6 billion, with calls outnumbering puts in both markets. Based on data from Coinbase Markets, Bitcoin’s estimated total is $14.73 billion, more than Ethereum, which totals about $1.92 billion. The open interest is 186,000 BTC▲$77,666.00 and 756,100 ETH▲$2,518.27.

Bitcoin represents nearly 89% of the total notional amount. The put-to-call ratio is 0.52, indicating a lower amount of puts written than the amount of calls. As to BTC option concentrations, it is most concentrated at the $70,000 strike, though there are concentrations at the $85,000 strike, $90,000 strike, and all the way out to the $100,000 strike. Coinbase said this structure is skewed toward higher strikes.

Currently, Bitcoin’s max-pain level is $72,000, which corresponds to the price at which Bitcoin’s least-expensive options would enter the money (be exercised). Max pain is not a prediction, a guarantee, or a confirmed support level. On Sept. 15, Bitcoin was trading around $78,000, above the max pain, but below large upside strikes of $85,000, $90,000, and $100,000.

Ethereum’s notional share is less, compared to the amount of open contracts. The open contracts for Ethereum options are 756,100 ETH, with a total notional value of $1.92 billion. The P/C ratio is 0.57.