A large quarterly options expiry is due on Sept. 25, according to a post on X by Greeks.live researcher Adam. He said 32% of open Bitcoin options positions and 40% of open Ethereum options positions will expire on that date. The batch includes 167,000 BTC options contracts and 789,000 ETH options contracts, with a combined notional value of more than $16.1 billion. Adam also shared key positioning metrics ahead of expiry. For Bitcoin options, the put-call ratio stands at 0.87 and the max pain point is $79,000. For Ethereum options, the put-call ratio is 0.67 and the max pain point is $2,380. He added that rollover activity has been the main driver of trading over the past two days, while volatility risk premiums across major tenors have moved lower. Around the quarterly expiry, gamma exposure, or GEX, is concentrated near $84,000.
Sept. 25 will mark the quarterly expiry date for crypto options, according to Greeks.live researcher Adam in a post on X. He said 32% of open Bitcoin options positions and 40% of open Ethereum options positions are set to expire on that day.
The contracts due for expiry include 167,000 BTC options and 789,000 ETH options, with total notional value exceeding $16.1 billion.
Key positioning levels
The put-call ratio for Bitcoin options is 0.87, with a max pain point at $79,000. For Ethereum options, the put-call ratio is 0.67, while the max pain point stands at $2,380.
Adam also said rollover trades have been the dominant activity over the past two days. Volatility risk premiums across major tenors have declined, and GEX is concentrated around $84,000 near the quarterly expiry date.
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