options

According to Deribit data, a notional value of 17 billion dollars in cryptocurrency options will expire.Among them: BTC options have a notional value of 14.9 billion dollars, with a put/call ratio of 0.76 and a maximum pain point of 78,000 dollars; ETH options have a notional value of 2.1 billion dollars, with a put/call ratio of 0.63 and a maximum pain point of 2,300 dollars.

According to CoinDesk, approximately 15.9 billion USD in BTC options and 2.1 billion USD in ETH options will expire on September 25 at 8:00 (UTC), with the BTC options expiration size accounting for about 37% of Deribit's current total open BTC options of 43.5 billion USD. Deribit CEO Luuk Strijers stated that the call options for this quarterly contract dominate, with a put/call open interest ratio of 0.69, indicating that the market has primarily bet on price increases.Currently, about 9.4 billion USD in calls, 55% are in-the-money, with the maximum pain point for BTC options at 75,000 USD. Strijers mentioned that after the expiration settlement, market makers' hedging and gamma effects may fade, leading to a potential increase in short-term volatility for BTC, and the market trading range may readjust.

According to Coinbase Markets, approximately $1.81 billion worth of BTC and ETH options will expire this Friday, with the current overall put/call ratio for BTC options at 0.66 and the near 24-hour trading volume put/call at 0.37; the open interest put/call for ETH options is at 0.61, and the near 24-hour trading volume put/call is at 0.55.The agency stated that the positions for both BTC and ETH options have clearly leaned bullish, and recent trading has further tilted towards calls, especially for BTC, where the open interest for BTC call options is mainly concentrated at strike prices of $90,000 and $100,000, while the call interest for ETH is distributed in the $3,000 to $4,000 range.

On-chain data analysis platform Glassnode stated: As Bitcoin reaches $86,000, the bullish leverage in the options market is slowly rebuilding, and the open interest put/call ratio is rising.However, this is still far below the overheated levels seen near Bitcoin's peak. Speculation in perpetual contracts also remains sluggish, with the funding rate below neutral levels.

According to X user @UngusTrade's post on September 21, a commit named "Binary options support" recently appeared in Lighter's prover code repository, which describes ZK circuits that support Lighter. The code shows that this implementation is for standard binary outcome contracts, with a settlement cap for each market, typically set at 100 for prediction markets, where share prices trade between 0 and the cap, settling at either 0 or the cap. The contracts are fully collateralized in USDC, with no leverage and no liquidation.It is noteworthy that the circuit supports continuous markets, allowing for settlement at any value within a range, thus enabling contracts based on measurements, rather than just yes or no events. Additionally, Lighter may allow whitelisted operators to create, manage, and settle markets, similar to the deployment model of HIP-3. Currently, Lighter has not commented on this.

According to the Gate Institutional Weekly Report, the market was influenced by energy shocks, persistent inflation, and interest rate hike expectations over the past week. WTI crude oil briefly surpassed $100, and the yield on the U.S. 10-year Treasury bond approached 5% during the session. BTC fell to about $76,800 during the week. Institutional funds showed significant differentiation, with a net outflow of about $463 million from BTC ETFs, while ETH ETFs saw a net inflow of about $197 million. Gate TradFi's weekly trading volume was approximately $120 billion, with a notable increase in commodity trading activity.In an environment where market volatility and asset rotation coexist, Gate continues to improve its multi-asset service system covering digital assets and traditional financial markets, forming a trading system that includes spot, contracts, stocks, ETFs, options, and other TradFi assets. Recently, Gate launched U.S. stock options trading services, providing more tools for institutions to participate in global diversified asset allocation.At the same time, Gate is continuously promoting the collaborative upgrade of institutional trading infrastructure by reducing cross-exchange trading costs, optimizing API trading capabilities, and improving anomaly handling mechanisms, further enhancing institutional trading efficiency and execution experience. The product collaboration between OES and CrossEx is also accelerating; currently, OES supports CrossEx trading settlement functions, which have entered the internal testing phase, covering key aspects such as trade execution, margin management, fund settlement, and API services, driving the development of institutional trading infrastructure towards greater efficiency and collaboration.

Coinbase Markets data shows that the expiration structure of Bitcoin and Ethereum options has changed compared to last Friday. The notional value of Bitcoin options open interest is approximately $1.73 billion, with the maximum pain point at $77,500. The open interest put/call ratio has risen from 0.61 to 0.78, indicating a more balanced distribution of positions, but still dominated by call options.The notional value of Ethereum options open interest is approximately $362 million, with the maximum pain point at $2,500. The changes in positions are more pronounced: last Friday, the open interest in put options was higher than that in call options, but this week there has been a reversal, with the open interest in call options exceeding that of put options by more than double, and the put/call ratio has dropped to 0.49.

Coinbase Markets stated that approximately 16.6 billion dollars in BTC and ETH options positions will expire in the third quarter of 2026. For Bitcoin, the nominal value is about 14.73 billion dollars, with 186,000 open contracts, a put-call ratio of 0.52, a maximum pain point of 72,000 dollars, and the highest concentration of calls around 70,000 dollars, with significant upward open positions at 85,000 dollars and 90,000 dollars, and also some distribution near 100,000 dollars.For Ethereum, the nominal value is about 1.92 billion dollars, with 756,100 open contracts, a put-call ratio of 0.57, a maximum pain point of 2,200 dollars, and 30,000 dollars remains the highest concentration of calls, with about 43,000 contracts. In both markets, the open call contracts exceed the open put contracts, and the positions expiring in the third quarter lean towards higher strike prices.

On September 13, Derive forum user domrom published a DIP proposal to deploy and launch Derive V3 (a zkVM program settled on the Ethereum mainnet), migrating all V2 positions and balances to the V3 genesis state, transferring bridge funds to L1, and shutting down Derive Chain after the migration is complete.The proposal states that as of September 7, 2026, Derive accounts for approximately 95% of the on-chain options premium trading volume over the previous 30 days, with open contracts totaling about $2 billion. V3 is a zero-knowledge exchange, where the state transitions of the matching engine and sequencer are executed in zkVM and verified on Ethereum L1, with user funds held in L1 contracts, aiming for L2Beat Stage 1. The migration is not a redeposit; it will generate the genesis state based on a snapshot of Derive Chain, with stDRV deployed to the Ethereum mainnet and DRV OFT connected to Robinhood Chain.The timeline will be announced at least 14 days in advance after approval; bridging will be frozen before migration, trading will be paused, and a snapshot will be taken after settlement, followed by the resumption of trading. Rewards can be claimed on Optimism until February 1, 2027.

According to Bitcoin News, the open interest for Bitcoin futures is 676,820 BTC, valued at 5.264 billion USD. Binance's open interest for Bitcoin futures reaches 142,870 BTC, valued at 1.111 billion USD, accounting for 21.1% of the total.The open interest for Bitcoin call options is 305,530.06 BTC, accounting for 61.39%; the open interest for put options is 192,126.29 BTC, accounting for 38.61%. The 25-delta skew turned positive on August 20, marking the first time in 12 months.

According to Greeks.live, options delivery data shows that 29,000 BTC options are set to expire, with a Put Call Ratio of 0.6, a maximum pain point of $78,000, and a nominal value of $2.24 billion. 114,000 ETH options are set to expire, with a Put Call Ratio of 1.17, a maximum pain point of $2,450, and a nominal value of $280 million.Analysis indicates that Bitcoin continues to fluctuate around $80,000, having surged to $80,000 over three days in late last month, and has been consolidating for nearly three weeks now. The monthly realized volatility (RV) remains unchanged compared to last week, while the monthly implied volatility (IV) has slightly increased, with a general rise in the volatility risk premium (VRP). From other major options data, 7% of options are set to expire this week, with BTC and ETH open interest slightly declining compared to last week, and overall trading activity has also seen a certain pullback. The cryptocurrency market has experienced a 10-month bear market, with the main altcoins' gains concentrated in a week last month; however, during the pullback period, some concept coins and memes have shown signs of recovery, which is a positive signal. The brief calm in the U.S. stock market has also provided a breathing window for the crypto market, creating a very optimistic market atmosphere. Currently, the monthly out-of-the-money IV is not high, making it worthwhile to consider some directional buys.

According to official data, the overall trading volume of Gate options in August increased by 36.64% month-on-month, while retail trading volume increased by 27.55% month-on-month; during the same period, the trading volume of premiums increased by 192.83%.In addition, Gate US stock options have officially launched, initially supporting 9 popular US stock underlying assets including Nvidia, Tesla, and Apple.

The tenth round of executive option pool at Japan's Bitcoin treasury company Metaplanet continues to spark shareholder dissatisfaction. This option pool was originally designed to be 20% of the fully diluted equity and automatically expands as the company issues new shares to increase its Bitcoin holdings. Some shareholders are calling for the cancellation of the newly added 273 million shares and for greater transparency in future decision-making. On August 18, Metaplanet froze the option pool at 319.5 million shares, but critics argue that this actually amplifies the dilution for existing shareholders, as the option pool increased from 46 million shares to 319.5 million shares.Metaplanet CEO Simon Gerovich has committed to re-evaluating the company's governance and compensation policies and clarifying its relationship with shareholder MMXX Ventures, stating that it is merely a non-controlling significant shareholder of MMXX's parent company and does not hold an executive position. On August 31, Metaplanet disclosed that Gerovich had exercised 92,000 shares from the option pool. Matthew Sigel, head of digital asset research at VanEck, suggested freezing further exercise rights of the tenth round option pool, allowing holders to voluntarily waive excess rights, and replacing the tenth round option pool with a five-year incentive plan primarily linked to each share's fully diluted Bitcoin holdings, approved by shareholders.In its announcement on August 18, Metaplanet acknowledged that the decision to expand the option pool "amplified the dilution borne by existing shareholders." As of Wednesday's close in Tokyo, Metaplanet's stock price rose, narrowing the five-day decline to about 16.3%.

Grayscale announced on platform X that its launched the world's first Zcash spot ETF fund ZCSH is now open for options trading.

ByteDance announces an adjustment to the option price, with the price for active employees adjusted from $229.5 per share to $241.35 per share, an increase of approximately 5.1%. This is the second adjustment to the option price by ByteDance since 2026.The last adjustment to the option price by ByteDance was in April of this year, when the price for active employees was adjusted from $200.41 per share to $229.5 per share.

According to the official announcement, Binance has announced the launch of US stock and ETF options trading, offering physically settled options contracts, allowing users to trade call or put options, with the maximum loss limited to the premium.This service is provided through NestTradingLimited as the introducing broker, in collaboration with AlpacaSecurities, supporting currencies such as USDC, USDT, USD1, U, BNB, and is limited to limit orders.

The total open interest for Bitcoin futures is 695,020 contracts, valued at $54.82 billion, down 0.26% in the past hour, down 0.38% in the past four hours, but still up 1.15% in the past 24 hours. Binance holds 142,500 Bitcoins, valued at $11.24 billion, accounting for 20.5%.In Deribit Bitcoin options open interest, call options hold 288,409.93 Bitcoins, accounting for 60.89%; put options hold 185,234.42 Bitcoins, accounting for 39.11%. In the past 24 hours, the trading volume of put options accounted for 54.49%, with 12,380.77 contracts traded, higher than the 10,339.78 contracts of call options. Data from Deribit, Binance, and OKX shows that the maximum pain point for options on September 25 is close to the range of $70,000 to $73,000. The spot price of Bitcoin is $78,425, and futures positions remain high.

Glassnode data shows that as BTC rebounds towards $80,000, the options market positions are clearly shifting towards a more positive outlook. The open interest in BTC options has risen back to nearly 550,000 BTC, and participation in the derivatives market is increasing again; the DVOL volatility index has rebounded to about 41, but it is still below the previous high volatility range of 50-60.Glassnode points out that the 25 Delta Skew across different maturities has significantly narrowed, with the short-term skew turning negative, indicating a decrease in demand for downside protection, and positions are leaning more towards a balanced or bullish direction. Currently, BTC is in a dense Gamma range of about $75,000 to $80,000, with recent capital flows concentrated at the $72,500 and $79,250 strike prices, where there has been a noticeable buying of call options, while demand for put options is relatively limited.