On September 10, 2026, options contracts for Bitcoin and Ethereum worth between $2,9 billion and $3 billion expired on the Deribit exchange. Bitcoin accounted for the majority of the volume, with approximately $2,53 billion in notional value, while Ethereum options totaled between $406 million and $425 million.
Market data shows a divergence in sentiment between the two assets. Bitcoin maintained a bullish outlook with a put-to-call ratio of 0,76. In contrast, Ethereum shifted toward defensive positioning with a put-to-call ratio of 0,89, reflecting increased demand for downside hedging following a liquidation event that pushed Bitcoin prices below $70 000.
The max pain levels for the expiry were set at approximately $75 000 for Bitcoin and around $2 150 for Ethereum. These levels influence spot prices as market makers adjust their positions. While large expiries often trigger volatility through the unwinding of gamma hedges, the immediate market impact following this settlement remained relatively muted.
Large-scale options expiries on Deribit have become a recurring market event. Similar settlements with notional values ranging from $2 billion to over $3 billion were recorded in December 2025 and January 2026. Analytics platforms including Greeks.live, Deribit, and Laevitas currently track these flows to monitor market dynamics.
