Bitcoin and Ethereum Options Markets Hit $2.52 Billion in Expiration Event

Today marks an important milestone for the Bitcoin and Ethereum options markets as nearly $2.52 billion in notional value expires and settles. According to data from Greeks.live, the September 11 option expiration shows that 29,000 BTC options are expiring with a Put Call Ratio at 0.6 and a Max Pain of $78,000. This is accompanied by a significant notional value of $2.24 billion.

Meanwhile, the Ethereum market has seen 114,000 ETH options expire, resulting in a Put Call Ratio of 1.17 and a Max Pain of $2,450, with a relatively lower notional value of $280 million compared to Bitcoin.

The analysis indicates that despite the large amount of expiring options, Bitcoin continues to consolidate around $80,000 after rallying to that price point three days ago. The monthly realized volatility (RV) remained unchanged from last week, while the monthly implied volatility (IV) increased slightly. Additionally, the Volatility Realized Probability (VRP) across major tenors saw broad gains.

Looking at other major options data, it's worth noting that 7% of options expire this week. Open interest in both BTC and ETH has declined compared to last week, with overall trading activity also cooling down.