On September 25, 2026, Bitcoin and Ethereum options worth approximately $16.6 billion are set to expire on the Deribit exchange. Bitcoin contracts account for $14.63 billion of this total, while Ethereum options represent $1.93 billion.
The open interest put/call ratio stands at 0.52 for Bitcoin and 0.57 for Ethereum. Since both figures are below 1.0, there are roughly twice as many call contracts as put contracts, indicating a market bias toward rising prices.
As of September 14, Bitcoin trades near $78,000. The estimated max-pain level for the upcoming expiry is between $72,000 and $75,000, which is the price point where the largest number of options would expire worthless.
Market makers on Deribit engage in delta-hedging as expiry approaches. When call options move into the money, these participants purchase the underlying assets, which can potentially amplify upward price movements for the cryptocurrencies.
