$16.6B Bitcoin and Ethereum Options Expiry Puts Major Q3 Strikes in Focus

The notional Bitcoin and Ethereum options markets value expiring in the third quarter of 2026 exceeds $16.6 billion, with calls outnumbering puts in both markets.

Based on data from Coinbase Markets, Bitcoin’s estimated total is $14.73 billion, more than Ethereum, which totals about $1.92 billion. The open interest is 186,000 BTC and 756,100 ETH. Bitcoin represents nearly 89% of the total notional amount.

The put-to-call ratio is 0.52, indicating a lower amount of puts written than the amount of calls.

As to BTC option concentrations, it is most concentrated at the $70,000 strike, though there are concentrations at the $85,000 strike, $90,000 strike, and all the way out to the $100,000 strike. Coinbase said this structure is skewed toward higher strikes.