Bitcoin and Ethereum options with a combined notional value of about $18.1bn are due to expire on Friday, with calls outnumbering puts in both markets, according to Coinbase Markets.
The quarterly contracts are scheduled to settle on 25 September. Coinbase reports a Bitcoin open-interest put/call ratio of 0.66, while its recent 24-hour trading-volume ratio is 0.37. Ethereum’s corresponding figures are 0.61 and 0.55.
The data indicates that calls – options betting on higher prices – remain more numerous than puts. Bitcoin’s call open interest is concentrated around the $90,000 and $100,000 strike prices, while Ethereum call positions are clustered between $3,000 and $4,000.
A separate Deribit-based snapshot taken at 03:53 UTC on 23 September put Bitcoin inverse-option open interest due to expire on Friday at $16.13bn, with Ethereum at $2.16bn. The combined total of $18.29bn differs from Coinbase’s figure because prices and outstanding positions can change between measurements.
Bitcoin accounts for most of the expiry
Bitcoin makes up the majority of the contracts. Deribit data showed $9.61bn of BTC call open interest against $6.52bn in puts for 25 September, producing a put/call ratio of 0.68.
With Bitcoin trading at about $86,500 early on Wednesday, the $90,000 strike was approximately 4% higher and $100,000 was nearly 16% above the market. BTC traded between roughly $86,149 and $86,791 during the 23 September session.
The concentration of calls does not mean Bitcoin must reach either level. Open interest records contracts that remain open but does not show whether traders bought or sold them. Positions can also form part of spreads, hedges or market-making strategies.
Bitcoin had risen from about $76,000 on 17 September to above $86,000 by this week, reaching an eight-month high above $87,000 on 21 September. Renewed spot demand and short covering have supported the move towards $90,000, although analysts said sustained buying would be needed to maintain it.
Ethereum interest centres on $3,000-$4,000
Ethereum’s expiry is smaller in dollar terms but has a similar structure. Deribit recorded about $1.34bn in ETH calls and $820.1m in puts, matching Coinbase’s 0.61 open-interest ratio.
Ether was trading near $2,760 early on 23 September. That placed the $3,000 strike around 8.7% higher and $4,000 about 45% above spot. ETH moved between roughly $2,750 and $2,766 during Wednesday’s session, after closing near $2,753 on Tuesday.
Ethereum had traded near $2,416 on 16 September before moving above $2,600 and reaching an intraday high above $2,805 on 21 September. Reuters reported that ETH had broken through resistance near $2,661.52, while technical analysis identified $3,050 as a possible upside level if momentum continued.
The combined expiry value has increased from Coinbase’s 15 September estimate of $16.6bn, consisting of $14.73bn in Bitcoin and $1.92bn in Ether. At that point, the ratios were 0.52 for BTC and 0.57 for ETH.
The contracts expire at 08:00 UTC on 25 September. Deribit’s quarterly BTC and ETH options settle on the last Friday of March, June, September and December, with the delivery price based on a time-weighted index average between 07:30 and 08:00 UTC.
Notional value does not represent premiums, margin or cash changing hands. Final positions and ratios can still shift before settlement as traders close, roll or add contracts.
