BTC and ETH options worth $16.6 billion to expire in Q3 with bullish bias

Coinbase Markets announced that approximately $16.6 billion in BTC and ETH options are set to expire in the third quarter of 2026. Bitcoin options hold a notional value of $14.73 billion with 186,000 open contracts, a put/call ratio of 0.52, and a max pain of $72,000, with significant call concentration near $70,000 and higher strike prices up to $100,000. Ethereum options hold a notional value of $1.92 billion with 756,100 open contracts, a put/call ratio of 0.57, and a max pain of $2,200, with the largest call concentration at $3,000.