Bitcoin and Ethereum options worth nearly $16.6 billion have built up for the 2026 third-quarter expiry, with call open interest exceeding puts across both markets.
Summary
- $16.6 billion in Bitcoin and Ethereum options is positioned for September’s quarterly expiry, Coinbase says.
- Bitcoin accounts for $14.73 billion notional, with 186,000 open contracts and 0.52 put-call ratio overall.
- Ethereum carries $1.92 billion notional, 756,100 open contracts, and a 0.57 put-call ratio for expiry.
- Bitcoin max pain is $72,000, while Ethereum’s corresponding level is $2,200 in Coinbase’s snapshot today.
- Ethereum’s largest call concentration is $3,000, not $30,000, with roughly 43,000 contracts outstanding there currently.
According to Coinbase Markets, Bitcoin accounts for roughly $14.73 billion of the notional value, compared with approximately $1.92 billion for Ethereum. Its Sept. 15 market update showed 186,000 BTC contracts and 756,100 ETH contracts in open interest.
For quarterly contracts on Deribit, September options expire on the final Friday of the quarter at 08:00 UTC. The exchange’s official expiry policy places the 2026 Q3 settlement on Friday, Sept. 25.
Bitcoin options account for most of the Q3 expiry
Bitcoin represents close to 89% of the combined notional value reported by Coinbase Markets. The BTC put-to-call ratio stands at 0.52, showing that put open interest is lower than call open interest in the current positioning.
Strike exposure is spread across several levels. Coinbase Markets identified the largest BTC call concentration around $70,000, while sizeable call open interest remains at $85,000 and $90,000 and extends through $100,000. The company described the setup as “tilted toward higher strikes.”
Bitcoin’s max-pain level was listed at $72,000. Max pain refers to the strike where the largest amount of options value would expire worthless under the model. It does not represent a guaranteed settlement price or confirmed support level.
As crypto.news previously reported, the same distinction applied during a $6.4 billion Bitcoin options expiry in August, when a low put-to-call ratio and max-pain level showed positioning but did not determine Bitcoin’s eventual price.
During Sept. 15 trading, Bitcoin remained near $78,000 in available market data. Investing.com historical data showed BTC trading close to $77,900 during the session, placing spot above the $72,000 max-pain level and below the larger upside strikes at $85,000, $90,000 and $100,000.
September derivatives positioning had shown demand for upside exposure before the quarterly settlement. As crypto.news reported, Bitfinex analysts had identified downside protection concentrated between $68,000 and $75,000, while call positioning favored moves above $80,000.
Ethereum options concentrate at the $3,000 strike
Ethereum accounts for a smaller share of the combined notional value, although its open contract count is higher. Coinbase Markets reported approximately 756,100 ETH options contracts carrying $1.92 billion in notional value and a put-to-call ratio of 0.57.
The largest Ethereum call concentration sits at $3,000, where Coinbase counted roughly 43,000 contracts. Some secondary reports incorrectly listed the level at $30,000, but the original Coinbase Markets post states $3,000.
Ethereum’s max-pain level stands near $2,200. ETH traded around $2,510 during the Sept. 15 session, according to Investing.com market data, leaving spot above the max-pain figure and below the $3,000 strike carrying the largest call concentration.
The $3,000 price level has appeared in recent technical forecasts as well. In related crypto.news coverage, analysts said a weekly close above the $2,550 area could open a path toward $3,000. The forecast remains a technical assessment and does not establish where Ethereum will trade into expiry.
Calls exceed puts but do not guarantee higher prices
Coinbase characterized the Q3 setup as favoring higher strikes because call open interest exceeds put open interest in both Bitcoin and Ethereum. The 0.52 BTC ratio and 0.57 ETH ratio show a clear numerical tilt toward calls among outstanding contracts.
Call-heavy positioning does not mean every trader expects prices to rise. Options can be bought or sold, while professional traders often combine calls and puts through spreads, hedges and volatility strategies.
Crypto.news noted the same limitation during August’s Bitcoin expiry, when open interest data showed bullish-looking positioning but did not reveal whether each call represented a directional long position.
Activity across crypto derivatives has remained elevated. According to Deribit’s monthly statistics, Bitcoin options turnover reached $56.13 billion during August, while Ethereum options turnover totaled $7.14 billion. BTC volume reached 775,731 options contracts during the month, compared with more than 3.23 million ETH contracts.
The current September expiry is larger than the previous quarter-end event cited in recent coverage. Crypto.news reported that the June quarterly expiry contained approximately $9.3 billion in Bitcoin options and another $1.6 billion in Ethereum options.
June’s Bitcoin expiry included roughly 153,500 contracts, compared with the 186,000 BTC contracts reported by Coinbase Markets for the current Q3 positioning.
Sept. 25 expiry follows major U.S. policy events
Before the quarterly options settle, traders face several U.S. policy events capable of affecting crypto prices and volatility. The Senate has scheduled a procedural vote on the CLARITY Act for Sept. 15, while the Federal Reserve is due to announce its next monetary policy decision on Sept. 16.
Rising Treasury yields and expectations for another Federal Reserve rate increase have remained part of the macro setup facing Bitcoin. Spot ETF flows, interest-rate expectations and government bond yields were among the major variables traders were watching before the September Fed meeting.
A separate crypto.news report placed Bitcoin’s recent trading range around $78,000 to $82,000 before the decision, with Treasury yields and spot demand pulling the market in different directions.
Under Deribit’s official contract rules, quarterly Bitcoin and Ethereum options expire at 08:00 UTC on the final Friday of March, June, September and December. The current Q3 contracts therefore reach settlement on Sept. 25.
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