Coinbase sees $18.1B BTC, ETH options expire Friday

Bitcoin and Ethereum options carrying roughly $18.1 billion in notional value have moved toward their Sept. 25 quarterly expiry with calls outweighing puts across both markets, according to Coinbase Markets. Summary Bitcoin and Ethereum options worth roughly $18.1 billion are scheduled to expire and settle Friday. Bitcoin options carry a 0.66 put-call ratio, while recent trading volume shows 0.37, Coinbase reports. Ethereum options show 0.61 open-interest put-call ratio, with recent trading volume at 0.55, Coinbase says. Bitcoin call open interest clusters near $90,000 and $100,000 strikes ahead of Friday’s quarterly settlement. Ether call interest is concentrated between $3,000 and $4,000 as September contracts approach expiration Friday. Coinbase Markets said Bitcoin’s open-interest put/call ratio stood at 0.66, while its 24-hour volume ratio was lower at 0.37. Ether showed an open-interest ratio of 0.61 and a 24-hour volume ratio of 0.55. Coinbase described both books as call-heavy, with recent trading even more tilted toward calls, particularly for Bitcoin. A separate Deribit-sourced snapshot taken at 03:53 UTC on Sept. 23 showed $16.13 billion of Bitcoin inverse-option open interest scheduled for Friday and $2.16 billion in Ether, putting the combined figure near $18.29 billion. Differences from Coinbase’s $18.1 billion reading can arise as prices and positions change between snapshots. https://twitter.com/CoinbaseMarkets/status/2102565611532357722?s=20 You might also like: Coinbase adds fixed-rate USDC loans backed by cbBTC Bitcoin options put $90,000 and $100,000 strikes in focus Bitcoin accounts for most of Friday’s expiry. Deribit-sourced data showed $9.61 billion in BTC call open interest against $6.52 billion in puts for Sept. 25, producing a 0.68 put/call ratio at the later snapshot. Coinbase identified $90,000 and $100,000 as two areas where Bitcoin call open interest is concentrated. With BTC trading near $86,500 early Wednesday, the $90,000 strike sat roughly 4% above spot while $100,000 remained nearly 16% higher. Market data showed Bitcoin trading between roughly $86,149 and $86,791 during the Sept. 23 session. The call concentration does not establish that Bitcoin will reach either strike before expiry. Open interest counts outstanding contracts but does not reveal whether each trader bought or sold the call, while many options positions form part of spreads, hedges or market-making strategies. Put/call ratios below one show that calls outnumber puts under the selected measure. Coinbase’s 0.37 ratio for recent BTC options volume points to considerably more call than put trading, but volume by itself does not identify the ultimate directional exposure of all participants. The market has nevertheless moved closer to the largest upside strikes since Coinbase’s previous quarterly-expiry update. Bitcoin surged from around $76,000 on Sept. 17 to above $86,000 this week, reaching an eight-month high above $87,000 on Sept. 21.