Bitcoin and Ethereum Options Maturing at $16.2B-$16.6B on September 25

Bitcoin (BTC) and Ethereum (ETH) options worth approximately $16.2 billion to $16.6 billion (about ₩21.8 trillion to ₩22.3 trillion) will mature on September 25. While the scale is significant, it remains difficult to definitively predict price increases or sharp fluctuations based solely on call option dominance.

Crypto Briefing reported Bitcoin options of $14.63 billion and Ethereum options of $1.93 billion approaching maturity, totaling around $16.6 billion ($22.3 trillion). Other figures showed Bitcoin options at $14.39 billion and Ethereum options at $1.81 billion, summing to approximately $16.2 billion ($21.8 trillion). A September 12 tally differed, listing Bitcoin at $14.31 billion and Ethereum at $1.9 billion.

Given variations in reporting timing and ledger adjustments, the maturity scale is best considered as a range of $16.2 billion to $16.6 billion rather than a single figure. The Deribit contract matures at 8:00 AM UTC on September 25 (5:00 PM KST). Option contracts specify expiration time, strike price, and call/put distinctions. Calls grant the right to buy at a set price, while puts provide the right to sell.

Bitcoin's put/call open interest ratio ranges from 0.51 to 0.52, and Ethereum's from 0.57 to 0.58. Ratios below 1 indicate more call options than puts in open positions. However, a higher concentration of call options does not necessarily signal market buying pressure or price increases, as options are also used for hedging existing positions.

Bitcoin's maximum pain point ranges from $72,000 to $75,000, representing the price range where option buyers would suffer the greatest losses at maturity. On September 14, Bitcoin traded around $78,000, above this range. The maximum pain point does not imply that prices will converge to this level; instead, market makers' delta hedging activities before and after expiration may increase short-term volatility.

As call options approach the strike price, market makers might buy underlying assets to reduce risk, while increased put influence could lead to selling hedges. Actual market impact depends on strike-specific open interest, market maker positions, and spot/futures trading volume. A definitive prediction of post-expiration price direction based solely on call option dominance is unsupported.

Crypto Briefing previously noted diverging maturity scales and volatility trends in Bitcoin and Ethereum options markets. This latest data also shows variations across metrics like option size, put/call ratios, and maximum pain points depending on the source and date. Therefore, monitoring position changes and volatility indicators until September 25 is advised.