16.6 Billion Dollar Crypto Expiry Looms

The upcoming quarter-end expiry for Bitcoin and Ethereum options has reached $16.6 billion in combined notional value, according to Coinbase Markets.

Much of this is due to Bitcoin's dominant position, accounting for nearly 89% of the total at around $14.73 billion. This includes 186,000 open contracts with a put-to-call ratio of 0.52, indicating that call open interest exceeds put open interest.

The largest call concentration in Ethereum options is at the $3,000 strike, with approximately 43,000 contracts outstanding. In comparison, Bitcoin's max-pain level is at $72,000, and its largest call concentrations are around $70,000, $85,000, and $90,000.

Coinbase Markets has characterized the setup as favoring higher strikes, but emphasized that this does not guarantee a specific price movement. Calls can be used for various strategies, including spreads, hedges, and volatility plays, which do not necessarily reflect directional long positions.