Bitcoin and Ethereum options reach $16.6B for Q3 expiry

The cryptocurrency derivatives market is seeing significant activity as nearly $16.6 billion in Bitcoin and Ethereum options approach the third-quarter 2026 expiry. Bitcoin dominates this volume, accounting for approximately $14.73 billion in notional value, or roughly 89% of the combined total. Coinbase Markets reports a Bitcoin put-to-call ratio of 0.52, indicating that call open interest exceeds put interest. The maximum pain level for Bitcoin is identified at $72,000, while Ethereum’s is at $2,200.

Concurrently, Bitcoin’s open interest has experienced a decline of approximately 14%. This drop is part of a broader deleveraging trend observed throughout 2026, where traders have been closing leveraged positions ahead of legislative votes and economic data releases. Analysts note that these contractions, which have ranged from 11% to 19.5% in various episodes, appear to be orderly position unwinds rather than panic-driven liquidations. While open interest in derivatives has decreased, spot trading demand continues to play a role in market positioning.