Bitcoin and Ethereum options worth $16.6 billion set to expire in Q3 2026

Coinbase Markets reported that the total notional value of Bitcoin and Ethereum options expiring in the third quarter of 2026 is nearly $16.6 billion. Bitcoin options account for $14.73 billion with 186,000 open contracts, a put/call ratio of 0.52, and a max pain price of $72,000. Ethereum options account for $1.92 billion with 756,100 open contracts, a put/call ratio of 0.57, and a max pain price of $2,200. Both markets show a preference for call options with positions concentrated at higher strike prices.