Bitcoin and Ethereum options worth nearly $16.6 billion were positioned for the 2026 third-quarter expiry, according to Coinbase Markets. Bitcoin accounted for about $14.73 billion across 186,000 open contracts, with a 0.52 put-to-call ratio, a $72,000 max-pain level and the largest call concentration around $70,000. Bitcoin calls represented 61.39% of open interest after options sentiment turned bullish around Aug. 20, ending roughly 12 months of cautious trading. Ethereum represented about $1.92 billion across 756,100 contracts, with a 0.57 ratio, max pain near $2,200 and its largest call concentration at the corrected $3,000 strike, involving roughly 43,000 contracts. Deribit rules set the quarterly settlement for Friday, Sept. 25, at 08:00 UTC. Call-heavy positioning shows calls outnumbered puts, but does not establish the eventual settlement price because options can be used in hedges, spreads and other strategies. Bitcoin traded near $77,900 and Ethereum around $2,510 during the Sept. 15 session, above their respective max-pain levels and below key upside strikes. Traders were also monitoring the Senate's procedural vote on the CLARITY Act and the Federal Reserve's Sept. 16 policy decision before expiry.