On September 25, approximately 167,000 BTC options expire with the maximum pain level in focus.

BTC and ETH Options Expire on September 25 at $79,000 and $2,380 Max Pain

Wu Shuo reported, citing Greeks live data, that about 167,000 BTC options are scheduled to expire on September 25. The put/call ratio for those contracts is 0.87, the max pain level is $79,000, and the notional value is about $14.04 billion.

Quarterly expiry shapes BTC and ETH positioning

The same date also brings about 789,000 ETH options expiries, with a put/call ratio of 0.67, a max pain level of $2,380, and a notional value of about $2.1 billion. Greeks live said September 25 is a quarterly delivery day, and roughly 32% of BTC options open interest and 40% of ETH options open interest are set to mature.

What max pain and put/call ratios mean

Max pain refers to the price level where the largest number of option contracts expire worthless. Around expiry dates, that level often draws attention because it can influence hedging, settlement behavior and short-term positioning.

A put/call ratio below 1 indicates that call contracts outweigh put contracts among the expiring positions, while a ratio above 1 suggests the opposite. The BTC figure of 0.87 and the ETH figure of 0.67 both point to a heavier weighting of calls in the data set.

Market watch

Greeks live said recent market sentiment has improved, but short-term volatility tied to the expiry still needs to be watched. The concentration of BTC and ETH contracts settling on one date can make price moves around September 25 more sensitive for traders holding options exposure.