$16.6B in Q3 crypto options await expiry as bullish upside positions dominate

A total of $16.6 billion in large positions is awaiting third-quarter expiry in the Bitcoin and Ethereum options markets, with bullish upside positioning holding the upper hand, according to Coinbase Markets. BTC options account for about $14.73 billion, or 186,000 contracts, with a put/call ratio of 0.52. The max pain price was calculated at $72,000, while call option positions were concentrated around $70,000 and in the upside band between $85,000 and $100,000. ETH options total $1.92 billion, or 756,000 contracts, with a put/call ratio of 0.57 and a max pain price of $2,200. The largest concentration of call options, 43,000 contracts, was clustered around the $3,000 level. Coinbase Markets said call option positioning in both assets was far ahead of puts, suggesting market participants had built positions that favor further gains after the third-quarter expiry rather than downside protection.