Bitcoin and Ethereum options expiring in the third quarter of 2026 have a combined notional value exceeding $16.6 billion, according to Coinbase Markets data. Bitcoin accounts for $14.73 billion, or nearly 89% of the total, while Ethereum represents about $1.92 billion. Calls outnumber puts in both markets, with put-to-call ratios of 0.52 for Bitcoin and 0.57 for Ethereum. Bitcoin open interest stands at 186,000 contracts, concentrated at the $70,000, $85,000, $90,000 and $100,000 strikes; Ethereum open interest is about 756,100 contracts, with the largest concentration at the $3,000 call strike. Bitcoin’s max-pain level is $72,000, while Ethereum’s is about $2,200. Bitcoin was recently trading at $76,900, compared with around $78,000 in earlier Sept. 15 coverage. The options are scheduled to settle at 08:00 UTC on Sept. 25, as traders also monitor the Federal Reserve’s September decision, Treasury yields, rate expectations and spot ETF flows. Heavy positioning around major strikes could contribute to greater volatility as expiration approaches, although open interest alone does not establish traders’ directional expectations.