TREE NEWS reports: Coinbase Markets said roughly $16.6 billion in bitcoin and ether options positions are set to expire in the third quarter of 2026. Bitcoin accounts for about $14.73 billion across 186,000 open contracts, with a put-to-call ratio of 0.52, a max pain of $72,000 and the largest call concentration near $70,000. Ether accounts for about $1.92 billion across 756,100 contracts, with a put-to-call ratio of 0.57, max pain at $2,200 and the biggest call cluster at $30,000.
Coinbase Markets: $16.6B in BTC and ETH Options Expire in Q3 2026
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AI take
The striking detail is the asymmetry between the two books: bitcoin's call concentration and max pain sit in a narrow band, while ether's largest call cluster is far above its max pain, suggesting very different positioning structures rather than a uniform bullish or bearish tilt. The low put-to-call ratios on both imply downside hedging is comparatively light, which tends to make expiry-driven pinning around max pain more consequential. What matters next is whether these concentrations hold as the quarter approaches, since large open interest at specific strikes can shape spot behavior into settlement.
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