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 and 756,100 ETH.
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.
The highest call open interest in Ethereum was at the $3,000 strike, with around 43,000 contracts outstanding at Coinbase. The max pain point is around $2,200, with ETH worth around $2,510 in the Sept. 15 session.
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Despite the call-heavy orientation, there is no implication that all options traders expect price movement in the same direction. Options may be bought or sold, and professionals frequently combine buys and sells, or combine buying calls and puts in a multitude of combinations. Open interest is a measure of market positions, not an indicator of directional bias.
Positions were already leaning long in September. Downside protection was clustered between $68,000 and $75,000, while calls were clustered above $80,000. These prices give context for the quarterly options structure.
Derivatives activity has also remained elevated in advance of the quarterly settlement, with data cited by Deribit showing August turnover to be $56.13 billion in Bitcoin options and $7.14 billion in Ethereum options.
The monthly options expiry has had a volume impact of over 775,731 BTC contracts and over 3.23 million ETH contracts traded that month; the current expiry is larger in comparison to the expiry at the end of Q2, which was $9.3 billion in Bitcoin options and $1.6 billion in Ethereum options.
The settlement comes as the U.S. makes major policy decisions, with a procedural vote in the Senate on the CLARITY Act scheduled for September 15, followed by a monetary policy decision by the Federal Reserve on September 16. Traders are watching Treasury yields, rate expectations, and spot ETF flows.
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For this reason, Deribit’s quarterly options expire at 08:00 UTC on the last Friday of each calendar quarter, meaning that on Friday, Sept. 25, the 2026 third-quarter Bitcoin and Ethereum options will settle.
