Approximately $16.6 billion in Bitcoin and Ethereum options will expire in the third quarter, with bullish positions dominating.

TechFlow reports that on September 15, Coinbase Markets stated that the combined notional value of Bitcoin and Ethereum options expiring in Q3 2026 approaches $16.6 billion. Bitcoin option notional value accounts for approximately $14.73 billion, with 186,000 contracts outstanding, a put/call ratio of 0.52, and a maximum pain price of $72,000. Major call concentrations are centered near $70,000, while significant upside open interest is also observed in the $85,000–$90,000 range and at $100,000.

Ethereum option notional value is approximately $1.92 billion, with 756,100 contracts outstanding, a put/call ratio of 0.57, and a maximum pain price of $2,200. The $3,000 strike remains the primary concentration zone for calls, totaling approximately 43,000 contracts. Overall, call open interest exceeds put open interest across both markets, suggesting that third-quarter expiration positioning continues to favor higher strike prices.