$16.6 Billion in Bitcoin and Ethereum Options Set to Expire in September 2026

A significant amount of Bitcoin and Ethereum options, valued at approximately $16.6 billion, is scheduled to expire on September 25, 2026. This figure includes about $14.63 billion in Bitcoin options and $1.93 billion in Ethereum options, primarily held on the Deribit exchange, which dominates the global options market for these cryptocurrencies.

The upcoming expiry is characterized by a strong preference for call options, which are contracts that profit when prices rise. The put/call open interest ratio for Bitcoin stands at 0.52, while Ethereum's ratio is at 0.57, indicating that there are roughly twice as many call contracts as put contracts for both cryptocurrencies. This bullish sentiment suggests that traders are anticipating price increases before the expiry date.

As of September 14, 2026, Bitcoin is trading near $78,000, significantly above the estimated max-pain level of $72,000 to $75,000. The max-pain theory posits that prices tend to gravitate toward levels where options sellers incur the least payout. The concentration of call options at higher strike prices indicates that many traders expect Bitcoin to surpass current levels before the settlement date.

The hedging activities of large market makers on Deribit will likely influence spot prices as the expiry approaches. When call options become profitable, market makers may buy the underlying asset to hedge their positions, potentially driving prices higher. Conversely, if Bitcoin falls below the $75,000 max pain zone, it could alter the current bullish dynamics in the market.

© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: KLEA News