Coinbase Markets data shows that the structure of this week’s Bitcoin and Ethereum options expiry has changed from last Friday. Bitcoin options carry about $1.73 billion in open interest notional value, with a max pain point at $77,500. Its put-to-call open interest ratio rose from 0.61 to 0.78, pointing to a more balanced positioning mix, though calls still lead.
Ethereum options show a notional open interest value of about $362 million, with a max pain point at $2,500. Positioning in ETH changed more sharply than in BTC. Last Friday, put open interest was higher than call open interest, but that relationship reversed this week. Call open interest has now climbed to more than double put open interest, while the put-to-call ratio fell to 0.49.
The figures indicate that both major crypto options markets saw changes ahead of expiry, with Bitcoin’s distribution moving closer to balance and Ethereum’s positioning turning more decisively toward calls.
Coinbase Markets data shows that the structure of this week’s Bitcoin and Ethereum options expiry has shifted from last Friday.
For Bitcoin, options open interest has a notional value of about $1.73 billion, with a max pain point at $77,500. The put-to-call open interest ratio rose from 0.61 to 0.78, showing a more balanced distribution in positioning, although call options still account for the larger share.
For Ethereum, options open interest has a notional value of about $362 million, and the max pain point stands at $2,500. The change in positioning was more pronounced. Last Friday, put open interest was higher than call open interest. This week, that pattern reversed, and call open interest has moved to more than twice the level of put open interest. The put-to-call ratio fell to 0.49.
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