Over $4 Billion in BTC and ETH Options Vanish as Traders Quietly Bet on a 2026 Comeback
Over $4.07 billion in BTC and ETH options expired, coinciding with a quiet shift by traders into 2026 maturities, signaling long-term optimism.Summary
On options expiry day, over $4.07 billion in Bitcoin and Ethereum options contracts expired, significantly less than the previous week's expiry. The notional value for BTC options was $3.4 billion with a maximum pain level of $91,000, while ETH options totaled $668.95 million with a maximum pain level of $3,050. The Put-to-Call Ratios (PCR) suggested a slightly bearish tilt for BTC (0.91) and a more bullish sentiment for ETH (0.78). Despite near-term conflicted sentiment, evidenced by elevated put skew, options desks are seeing a stealth positioning shift, with institutional desks increasing call exposure tied to projected 2026 rate cuts and ETF demand. This indicates a maturing derivatives market where traders are moving away from short-term speculation toward capital preservation and sustainable yield strategies.
(Source：BeInCrypto)