Yeliz Akmaca 
Around 29,500 Bitcoin options contracts worth $3.4 billion are set to expire on Friday, September 12. Alongside Bitcoin, nearly 190,000 Ethereum options worth $858 million will also reach maturity, bringing the total expiry value to $4.25 billion. Despite the large figure, the $4 trillion spot market makes a major disruption less likely.
Put/Call Ratio and Open Interest Levels
This week’s Bitcoin options show a put/call ratio of 1.3, reflecting stronger bearish sentiment. Data from Deribit highlights key open interest (OI) levels:
- $140,000 strike: $2.7B in OI
- $120,000 strike: $1.8B in OI
- $95,000 strike: $1.9B in OI
Meanwhile, CoinGlass reports total Bitcoin futures OI at $86.6B, climbing toward all-time highs.
Inflation Data and Fed Expectations
U.S. inflation data revealed the Consumer Price Index (CPI) rose 2.9% year-over-year in August, slightly higher than forecasts. This fueled expectations of mild inflationary pressure.
Options provider Greeks Live noted implied volatility has remained stable despite next week’s Federal Reserve decision. Markets broadly agree that a 25 bps rate cut is already priced in.
Ethereum Options Expiry
Ethereum options add another layer to today’s expiry. With a put/call ratio of 1.0, sentiment remains balanced. The expiry of 190,000 ETH contracts worth $858M contributes significantly to the day’s market dynamics.
Crypto Market Outlook
- The total crypto market cap climbed to $4.11 trillion, its highest level since late August.
- Bitcoin surged to a three-week high of $116,300 before easing to $115,500.
- Ethereum gained 3.2%, touching $4,530, its strongest level in two weeks.
- Altcoins such as Solana, Dogecoin, and Chainlink also posted solid gains, keeping the overall market in green territory.
- Despite today’s heavy expiry, investors appear confident, with momentum favoring continued bullish sentiment.
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