PANews reported on August 25th that according to Deribit, Bitcoin and Ethereum options with a total notional value of approximately $15 billion will expire this Friday. Bitcoin options have a notional value of $11.66 billion, a put/call ratio of 0.88, and a maximum price of $116,000. Put options account for a large portion of open interest, concentrated between $110,000 and $115,000, while call options are concentrated at higher price points, resulting in a wider spread of positions. Ethereum options have a notional value of $3.08 billion, a put/call ratio of 0.74, and a maximum price of $3,800. Positions are more balanced, with higher-strike call options showing significant OI, leaving room for upside.

Deribit concluded that Bitcoin options expiration indicates continued demand for downside protection, while Ethereum appears more neutral. Combined with the signals released by Powell at the Jackson Hole meeting, this options expiration may help set the tone for the market in September.