Bitcoin and Ethereum Options Worth $16.6 Billion Set for Q3 2026 Expiry with Call Dominance

Bitcoin (BTC) and Ethereum (ETH) options valued at around $16.6 billion (approximately KRW 22.4 trillion) are approaching their Q3 2026 expiry date, with both markets showing a higher number of outstanding call options compared to put options. Coinbase Markets reported Bitcoin options with a notional value of approximately $14.73 billion (KRW 19.8 trillion), featuring around 186,000 open contracts and a put-call ratio of 0.52, with the maximum pain price at $72,000. Call positions were concentrated near $70,000, indicating an overall market bias toward higher strike prices. Ethereum options had a notional value of about $1.92 billion (KRW 2.6 trillion), with approximately 756,100 open contracts and a put-call ratio of 0.57, while the maximum pain price was around $2,200. Call options at the $3,000 strike price accounted for roughly 43,000 contracts.

The put-call ratio reflects the number of outstanding put options compared to call options; a lower ratio indicates more calls are open. However, this metric alone does not determine the direction of spot prices. The maximum pain price is calculated as the point where option holders would face the greatest loss upon expiry, though actual market movements may vary based on position liquidation and new trades. This expiry highlights the dominance of call positions in both Bitcoin and Ethereum derivatives markets, though it's important to note that option positioning does not always align with spot price movements.