Bitcoin and Ethereum options carrying roughly $18.1 billion in notional value have moved toward their Sept. 25 quarterly expiry with calls outweighing puts across both markets, according to Coinbase Markets.
Summary
- Bitcoin and Ethereum options worth roughly $18.1 billion are scheduled to expire and settle Friday.
- Bitcoin options carry a 0.66 put-call ratio, while recent trading volume shows 0.37, Coinbase reports.
- Ethereum options show 0.61 open-interest put-call ratio, with recent trading volume at 0.55, Coinbase says.
- Bitcoin call open interest clusters near $90,000 and $100,000 strikes ahead of Friday’s quarterly settlement.
- Ether call interest is concentrated between $3,000 and $4,000 as September contracts approach expiration Friday.
Coinbase Markets said Bitcoin’s open-interest put/call ratio stood at 0.66, while its 24-hour volume ratio was lower at 0.37. Ether showed an open-interest ratio of 0.61 and a 24-hour volume ratio of 0.55. Coinbase described both books as call-heavy, with recent trading even more tilted toward calls, particularly for Bitcoin.
A separate Deribit-sourced snapshot taken at 03:53 UTC on Sept. 23 showed $16.13 billion of Bitcoin inverse-option open interest scheduled for Friday and $2.16 billion in Ether, putting the combined figure near $18.29 billion. Differences from Coinbase’s $18.1 billion reading can arise as prices and positions change between snapshots.
Bitcoin options put $90,000 and $100,000 strikes in focus
Bitcoin accounts for most of Friday’s expiry. Deribit-sourced data showed $9.61 billion in BTC call open interest against $6.52 billion in puts for Sept. 25, producing a 0.68 put/call ratio at the later snapshot.
Coinbase identified $90,000 and $100,000 as two areas where Bitcoin call open interest is concentrated. With BTC trading near $86,500 early Wednesday, the $90,000 strike sat roughly 4% above spot while $100,000 remained nearly 16% higher. Market data showed Bitcoin trading between roughly $86,149 and $86,791 during the Sept. 23 session.
The call concentration does not establish that Bitcoin will reach either strike before expiry. Open interest counts outstanding contracts but does not reveal whether each trader bought or sold the call, while many options positions form part of spreads, hedges or market-making strategies.
Put/call ratios below one show that calls outnumber puts under the selected measure. Coinbase’s 0.37 ratio for recent BTC options volume points to considerably more call than put trading, but volume by itself does not identify the ultimate directional exposure of all participants.
The market has nevertheless moved closer to the largest upside strikes since Coinbase’s previous quarterly-expiry update. Bitcoin surged from around $76,000 on Sept. 17 to above $86,000 this week, reaching an eight-month high above $87,000 on Sept. 21.
Bitcoin’s move toward $90,000 has been supported by renewed spot demand and short covering, although analysts said continued buying would be required to sustain the advance.
Ether options build toward $3,000 to $4,000 calls
Ether’s Friday book is smaller in dollar terms but carries a similar call-heavy structure. Deribit-sourced data showed approximately $1.34 billion in ETH call open interest against $820.1 million in puts for Sept. 25, matching Coinbase’s reported 0.61 open-interest put/call ratio.
Coinbase said ETH call interest is spread through the $3,000-$4,000 range. Ether was trading close to $2,760 early Sept. 23, putting $3,000 approximately 8.7% above spot. The $4,000 strike remained around 45% higher. Market data showed ETH had traded between roughly $2,750 and $2,766 during Wednesday’s session after closing near $2,753 on Tuesday.
Ether has gained sharply since the middle of last week. The asset traded near $2,416 on Sept. 16 before moving through $2,600 and reaching an intraday high above $2,805 on Sept. 21.
Reuters reported that ETH had broken above a technical resistance level near $2,661.52, with its technical analysis identifying $3,050 as one potential upside level if momentum continued. The projection is a chart-based scenario and does not establish where ETH will trade into expiry.
Ethereum’s earlier breakout above the $2,550 area opened attention toward higher resistance levels after buyers defended support near $2,400.
Friday’s expiry has grown since Coinbase’s Sept. 15 snapshot
Friday’s notional amount has increased since Coinbase Markets published its earlier Q3 positioning data.
On Sept. 15, Coinbase placed combined Bitcoin and Ethereum options open interest for the quarterly expiry at roughly $16.6 billion. Bitcoin accounted for approximately $14.73 billion, with Ether at $1.92 billion. At the time, BTC’s put/call ratio stood at 0.52 and ETH’s at 0.57.
Bitcoin accounted for nearly 89% of the $16.6 billion Q3 options expiry in that earlier snapshot. Coinbase then identified Bitcoin’s max-pain level near $72,000 and Ether’s around $2,200.
By Sept. 23, Coinbase’s combined figure had moved to roughly $18.1 billion while the reported put/call ratios had risen to 0.66 for Bitcoin and 0.61 for ETH. A higher put/call ratio means puts have increased relative to calls compared with the earlier snapshot, even though calls still dominate overall open interest.
The increase in notional value should not automatically be interpreted as an equivalent amount of new money entering the market. Notional open interest changes with the number of outstanding contracts and the value assigned to the underlying assets, while Bitcoin and Ether prices have risen sharply since Sept. 15.
PerpFinder’s Deribit-sourced methodology notes that USD open-interest figures represent contract quantities valued using forward prices. They do not measure option premiums paid, margin posted or the amount of cash that will change hands at settlement.
Bitcoin and Ether quarterly options settle at 08:00 UTC
The Sept. 25 contracts form part of Deribit’s quarterly expiry cycle. Deribit states that quarterly BTC and ETH options expire on the last Friday of March, June, September and December at 08:00 UTC.
For Friday’s expiry, the settlement process uses the relevant Deribit index over the period immediately before expiration. PerpFinder’s methodology states that the delivery price is based on the appropriate index’s time-weighted average between 07:30 UTC and 08:00 UTC.
The size of the expiry can lead traders and market makers to adjust hedges as option deltas change when spot prices move closer to major strikes. The presence of large open interest at $90,000, $100,000, $3,000 or $4,000 does not require spot prices to move toward those levels.
Deribit reports that its platform handles roughly 85% of BTC and ETH options activity, making its quarterly expiries a large component of the crypto derivatives market. Its August statistics showed $56.13 billion in Bitcoin options turnover and $7.14 billion in Ether options turnover during the month.
Friday’s quarterly contracts are scheduled to expire at 08:00 UTC on Sept. 25. The final notional open interest, put/call ratios and strike concentrations can continue changing until traders close, roll or add positions before settlement.
