Coinbase sees $18.1B BTC, ETH options expire Friday

Bitcoin and Ethereum options carrying roughly $18.1 billion in notional value have moved toward their Sept. 25 quarterly expiry with calls outweighing puts across both markets, according to Coinbase Markets.

Coinbase Markets said Bitcoin’s open-interest put/call ratio stood at 0.66, while its 24-hour volume ratio was lower at 0.37. Ether showed an open-interest ratio of 0.61 and a 24-hour volume ratio of 0.55. Coinbase described both books as call-heavy, with recent trading even more tilted toward calls, particularly for Bitcoin.

A separate Deribit-sourced snapshot taken at 03:53 UTC on Sept. 23 showed $16.13 billion of Bitcoin inverse-option open interest scheduled for Friday and $2.16 billion in Ether, putting the combined figure near $18.29 billion. Differences from Coinbase’s $18.1 billion reading can arise as prices and positions change between snapshots.

Bitcoin options put $90,000 and $100,000 strikes in focus

Bitcoin accounts for most of Friday’s expiry. Deribit-sourced data showed $9.61 billion in $BTC call open interest against $6.52 billion in puts for Sept. 25, producing a 0.68 put/call ratio at the later snapshot.

Coinbase identified $90,000 and $100,000 as two areas where Bitcoin call open interest is concentrated. With $BTC trading near $86,500 early Wednesday, the $90,000 strike sat roughly 4% above spot while $100,000 remained nearly 16% higher. Market data showed Bitcoin trading between roughly $86,149 and $86,791 during the Sept. 23 session.