Approximately $5 billion in notional value of options on BlackRock’s spot Bitcoin ETF IBIT are set to expire on September 18, marking the largest single options expiration for this ETF. The max pain price stands at $40, a level located in the middle of the ETF’s current trading range between the mid-30s and low-40s. The majority of contracts are call options, reflecting bullish positioning among traders. The SEC raised position limits on IBIT options to one million contracts in mid-2026, up from a previous cap of 250,000.
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