Coinbase sees $18.1B BTC, ETH options expire Friday

BTC/ETH: mixed, with a short-term volatility risk. The call-heavy positioning suggests upside exposure is popular, but it is not a reliable bullish signal: open interest does not show whether calls were bought or sold, or whether they are part of hedges and spreads. The reported $18.1 billion is notional exposure, not cash expected to enter the market at settlement.

Ahead of the Friday, September 25 expiry, dealer hedging could amplify moves if prices approach heavily watched strikes—particularly BTC’s $90,000 area, which the article placed near 4% above spot in its September 23 snapshot. The effect is uncertain and may be brief: after expiry, related hedges can be adjusted or removed, potentially changing volatility and price support in either direction.

Traders should watch changes in open interest and volatility into settlement, spot behavior around major strikes, and whether follow-through buying persists after the expiry. A high put-call ratio or large notional figure alone does not establish market direction.