Crypto Markets Brace for $18.1 Billion Quarterly Options Expiry

Bitcoin options currently carry a 0.66 put-call ratio, though recent trading volume indicates a more aggressive tilt toward calls at 0.37. Open interest for these contracts is notably concentrated at the $90,000 and $100,000 strikes. Ethereum follows a similar structure, with a 0.61 open-interest put-call ratio and interest clustered between the $3,000 and $4,000 levels. These figures represent a significant increase from the $16.6 billion in combined open interest reported by Coinbase on September 15, driven largely by the recent sharp appreciation in spot prices.

While the high concentration of call options draws attention, market analysts caution that open interest does not dictate future price movement. These positions often function as components of complex hedging strategies, spreads, or market-making activity rather than simple directional bets. As the September 25 settlement at 08:00 UTC approaches, market makers may adjust their hedges to account for shifting option deltas. Because Deribit handles the majority of the global volume for these derivatives, its final index price—calculated as a time-weighted average between 07:30 and 08:00 UTC—will serve as the ultimate benchmark for the settlement process.