Nearly $16.6 billion in Bitcoin and Ethereum options has built up for the 2026 third-quarter expiry, with call open interest exceeding puts across both markets. According to Coinbase Markets, Bitcoin accounts for $14.73 billion of the notional value, compared with approximately $1.92 billion for Ethereum. The September 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, with the 2026 Q3 settlement scheduled for Friday, September 25. The options show a strong call bias, indicating traders expect prices to rise beyond current levels near $78,000 for Bitcoin.
Bitcoin represents close to 89% of the combined notional value reported by Coinbase Markets, with the BTC put-to-call ratio standing at 0.52, showing that put open interest is lower than call open interest. Strike exposure is spread across several levels, with Coinbase identifying the largest BTC call concentration around $70,000, while sizeable call open interest remains at $85,000, $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, with spot trading near $78,000 during September 15, placing it above the max-pain level and below the larger upside strikes. Market makers' hedging around this expiry could drive price movements, making the days leading to September 25 critical to watch for shifts in put/call ratios and volatility.
Ethereum accounts for a smaller share of the combined notional value, though its open contract count is higher, with 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. Ethereum's max-pain level stands near $2,200, with ETH trading around $2,510 during the September 15 session, leaving spot above the max-pain figure and below the $3,000 strike carrying the largest call concentration.
The current September expiry is larger than the previous quarter-end event, with Crypto.news reporting that the June quarterly expiry contained approximately $9.3 billion in Bitcoin options and $1.6 billion in Ethereum options. Activity across crypto derivatives has remained elevated, with Bitcoin options turnover reaching $56.13 billion during August and Ethereum options turnover totaling $7.14 billion. Before the quarterly settlement, traders face several U.S. policy events, including a Senate procedural vote on the CLARITY Act scheduled for September 15 and the Federal Reserve's next monetary policy decision on September 16. Rising Treasury yields and expectations for another Federal Reserve rate increase have remained part of the macro setup facing Bitcoin.
