Coinbase Warns: $16.6 Billion at Risk as Crypto Options Expiration Looms

The cryptocurrency market is bracing for a critical date as $16.6 billion in Bitcoin and Ethereum options approach expiration on September 25, 2023. According to Coinbase Markets, this significant amount of open positions could impact prices.

In the Bitcoin options market, there are approximately $14.73 billion in total in-depth value and around 186,000 open contracts, with a put/call ratio of 0.52. This suggests investors expect higher price levels ahead of the expiration date.

The 'maximum pain' price for Bitcoin is calculated at $72,000, with significant long-term positions at the $85,000, $90,000, and $100,000 levels. In Ethereum options trading, the total in-depth value is approximately $1.92 billion, with a put/call ratio of 0.57.

The largest concentration of call options on Ethereum is observed at a strike price of $3,000, with around 43,000 contracts. As option expiration approaches, volatility may increase, particularly around strike prices where large open positions exist.