BTC and ETH Options Expiry Set to Unleash Volatility on September 25

Bitcoin and Ethereum face a major options expiry on Friday, September 25, 2026. This event has market analysts warning of potential price volatility due to the coincidence with US data releases and CME futures settlements.

The total value of expiring contracts is substantial: $15.9 billion for Bitcoin (184,000 contracts) and $2.1 billion for Ethereum (777,000 contracts). The options are skewed towards calls, with ratios of 0.69 for BTC and 0.61 for ETH, indicating upside bets at strikes near $90,000, $100,000 for BTC and $3,000, $4,000 for ETH.

Analysts warn that the expiry could trigger localized volatility and compress asset ranges. This may lead to a return of Bitcoin to its Max Pain level of $75,000, while Ethereum might drop to $2,250.