Nearly $16.6 billion in Bitcoin and Ethereum options is positioned for the 2026 third-quarter expiry. Bitcoin accounts for about $14.73 billion in notional value, spanning 186,000 open-interest contracts, or outstanding contracts. Its put-to-call ratio is 0.52, while the $72,000 level is identified as max pain. The largest Bitcoin call concentrations are around $70,000, with additional sizable upside open interest at $85,000.