$5B of IBIT Options Expiring on September 18: What It Means for Bitcoin

The upcoming expiration of $5 billion in IBIT options on September 18 is expected to be one of the most closely watched events in the history of spot Bitcoin ETFs. The majority of these contracts are calls, indicating that most traders holding positions expect IBIT to trade above its strike prices.

The max pain price for this expiration is $40, which means that if IBIT settles at that price on September 18, the aggregate losses for all option holders would be greatest. This is a significant level, as IBIT is currently trading in the mid-$30s to low-$40s range.

When IBIT options move, Bitcoin tends to follow because the ETF's holdings are backed directly by spot Bitcoin. The SEC raised position limits on IBIT options to one million contracts in mid-2026, significantly expanding how much firepower institutional traders could deploy in a single name.