$18.1B Bitcoin and Ethereum Options Set for Quarterly Expiry

Key Facts

The digital asset markets are bracing for potential volatility as Bitcoin and Ethereum options with a combined notional value of approximately $18.1 billion are set to expire this Friday, Sept. 25. According to reports, call options are currently outweighing put options across both major cryptocurrency markets ahead of this significant quarterly expiry. This event is critical for market participants as it often triggers increased activity from traders rolling over positions or hedging their delta exposure.

In the institutional context, market data shows that Coinbase (COIN) shares closed at $201.07 on September 22, 2026. The dominance of call options suggests a prevailing bullish sentiment among derivatives traders, although the scale of the expiry could lead to price pinning near 'max pain' levels. Per market data, the quarterly settlement represents a substantial portion of the total crypto derivatives turnover recorded during the third quarter.

Looking ahead, COIN shares maintained a trading range between $197.2 and $203.0 as of the close on September 22, 2026. Investors should closely monitor price action as the Friday settlement approaches, particularly since the upcoming economic calendar shows no major immediate catalysts, leaving market dynamics primarily driven by the massive options rollover and technical positioning within the crypto space.