Bitcoin and Ether options with a combined notional value of roughly $18 billion are scheduled to expire and settle on Friday, September 25, at 08:00 UTC. The bulk of the expiry consists of Bitcoin contracts, with Ether making up a smaller share, according to market data from major platforms.

Bitcoin options account for approximately $15.9 billion to $16.1 billion of the total, while Ether options add about $2.1 billion to $2.16 billion. The figures place the event among the larger quarterly settlements of the year. The Bitcoin portion alone represents around 37 percent of outstanding Bitcoin options open interest on the primary venue handling these contracts.

Call-Heavy Books and Key Strike Concentrations

Positioning across both assets remains tilted toward calls. Bitcoin’s open-interest put-call ratio has been reported in the 0.66 to 0.69 range, with recent 24-hour trading volume showing an even lower ratio near 0.37. Ether’s corresponding open-interest ratio stands near 0.61, with volume at about 0.55. Ratios below 1 indicate that call open interest exceeds put open interest.

Bitcoin call open interest clusters notably around the $85,000, $90,000, $95,000 and $100,000 strikes. Put open interest is concentrated at lower levels near $60,000, $70,000 and $75,000. About 55 percent of the roughly $9.4 billion in Bitcoin call notional is currently in the money, while the puts are almost entirely out of the money. Overall, roughly one-third of the Bitcoin expiry book holds intrinsic value at recent prices.

Ether call interest is spread through the $3,000 to $4,000 range. At recent trading levels near $2,700 to $2,760, the $3,000 strike sits moderately above spot, while $4,000 remains substantially higher.

Price Context and Dealer Hedging Dynamics

Bitcoin has traded in a range near $85,000 to $86,500 in recent sessions, after climbing from levels around $76,000 earlier in the month and briefly exceeding $87,000. Ether has advanced from near $2,400 mid-month toward the mid-$2,700s, with an intraday peak above $2,800.

The maximum-pain level for the Bitcoin expiry, the price at which option buyers would collectively face the largest losses, sits near $75,000, well below current spot. Market participants note that open interest distribution creates a multi-layered support area around the $70,000 to $75,000 zone on the put side.

As Bitcoin advanced through the $80,000 to $87,000 zone, dealer hedging of short call exposure is described as having contributed to upward pressure. Dealers short calls typically buy the underlying asset as prices rise to maintain hedges, adding demand during the move higher.

Settlement Mechanics and Potential Market Effects

The contracts are European-style and cash-settled. Settlement prices are determined by a time-weighted average of the relevant index over the 30 minutes leading up to expiry, specifically between 07:30 and 08:00 UTC. No physical delivery of Bitcoin or Ether occurs; in-the-money contracts are automatically exercised and settled in cash.

Open interest concentrations at higher call strikes do not dictate that prices must reach those levels before expiry. Many positions form part of spreads, hedges or market-making activity rather than outright directional bets. Notional values also fluctuate with changes in the underlying prices and the number of outstanding contracts.

Earlier snapshots from mid-September showed a smaller combined notional near $16.6 billion, with lower put-call ratios. The increase since then coincides with the sharp price advances in both assets. Traders are expected to monitor price action around current levels and any rollover of positions into later October and December expiries as the settlement approaches.

The size of the event can prompt adjustments in hedging as deltas change with moves in the underlying assets. After the contracts settle, the removal of associated dealer flows may allow short-term volatility to rise and trading ranges to shift.