$18 Billion Options Expiry Set to Test Traders' Bets on Bitcoin and Ethereum

Bitcoin and Ethereum are facing their largest combined options expiry of 2026, worth $18 billion. This significant event is set to take place this Friday, with Bitcoin's contracts carrying a notional value of $15.9 billion and Ethereum's totaling $2.1 billion. The majority of traders appear to be betting on an upside for both assets, with calls dominating puts in both cases.

Bitcoin's options expiry features 184,000 contracts, with max pain at $75,000. Calls are concentrated around the $90,000 and $100,000 strikes, totaling $9.4 billion in value compared to $6.5 billion in puts. Ethereum's options expiry consists of 777,000 contracts, with max pain at $2,250. Calls lead here as well, with a notional value of $1.32 billion versus $813 million in puts.

These numbers suggest that traders are heavily positioned for an increase in price on both assets. However, it's essential to remember that options expiries can be unpredictable and may result in unexpected outcomes.