Coinbase Market analysis indicates that a total of $16.6 billion (approximately 22 trillion KRW) in large positions are awaiting in the Bitcoin (BTC) and Ethereum (ETH) options markets as the third-quarter expiry approaches. BTC options amount to approximately $14.73 billion (186,000 contracts), recording a put/call ratio of 0.52. While the Max Pain price was calculated at $72,000, call option positions were concentrated in the upside range of $85,000 to $100,000, centered around $70,000. ETH options total $1.92 billion (756,000 contracts), with a put/call ratio of 0.57 and a Max Pain price of $2,200. The highest concentration of call options (43,000 contracts) was at the $3,000 level. Coinbase Market analyzed, "With call options significantly outweighing put options for both assets, it appears market participants have built positions focusing on further upside rather than downside protection after the third-quarter expiry."
