Bitcoin and Ethereum Options Near $16.6 B Face September 2026 Quarterly Expiry

Coinbase Markets’ latest snapshot shows that about $16.6 billion of Bitcoin and Ethereum options are set to expire in the third quarter of 2026. Calls dominate puts on both assets, and the data highlights key strike concentrations and max‑pain levels ahead of the September 25 settlement.

Notional value and contract counts

• Bitcoin: $14.73 billion notional, 186,000 open contracts, put‑call ratio 0.52.
• Ethereum: $1.92 billion notional, 756,100 open contracts, put‑call ratio 0.57.

Strike exposure and max‑pain

Bitcoin’s max‑pain is estimated at $72,000. The largest call concentration sits near $70,000, with notable open interest at $85,000, $90,000 and $100,000, indicating a tilt toward higher strikes.

Ethereum’s max‑pain is around $2,200. The most concentrated call strike is $3,000, with roughly 43,000 contracts at that level.

Market context

During the September 15 session, Bitcoin traded near $78,000 and Ethereum around $2,510, both above their respective max‑pain levels but below the highest call strikes.

Deribit’s quarterly contracts expire at 08:00 UTC on the final Friday of the quarter; the 2026 Q3 settlement is scheduled for September 25.

Upcoming macro events

Traders will watch the U.S. Senate’s procedural vote on the CLARITY Act (Sept 15) and the Federal Reserve’s monetary policy decision (Sept 16), both of which could influence crypto volatility ahead of the options expiry.