Record $18B Bitcoin and Ethereum options expiry approaches

Approximately $18 billion in Bitcoin and Ethereum options are set to expire Friday, making it the largest crypto options expiry of 2026.
$BTC accounts for roughly 184,000 contracts and $15.9 billion in notional value, with reported max pain near $75,000. Calls total about $9.4 billion versus $6.5 billion in puts, with significant positioning around $90,000 and $100,000.
$ETH represents another 777,000 contracts worth roughly $2.1 billion, with max pain near $2,250. Calls total approximately $1.32 billion versus $813 million in puts. The large expiry and concentrated positioning could increase short-term volatility around settlement.