Nearly $17 billion in Bitcoin and Ethereum options are set to expire on September 25, 2026 on Deribit, with Bitcoin options totaling $14.63 billion and Ethereum options at $1.93 billion. The put/call ratio of 0.52 for Bitcoin and 0.57 for Ethereum indicates a predominantly bullish stance, with approximately twice as many call contracts as put contracts outstanding. The max pain level sits between $72,000 and $75,000, while Bitcoin trades around $78,000, above this zone. This concentration of calls at higher strike prices suggests many traders are positioned for price increases ahead of the expiry. Market maker hedging activities on Deribit could amplify price movements as the September 25 deadline approaches.
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