Coinbase Markets said that about $16.6 billion worth of BTC and ETH options will expire in the third quarter of 2026. Currently, positioning across the two largest markets is clearly tilted toward bullish sentiment. Among them, BTC options have a notional value of about $14.73 billion, with approximately 186,000 outstanding contracts and a put/call ratio of 0.52. The maximum pain point is $72,000. The bullish positions are mainly concentrated around $70,000. ETH options have a notional value of about $1.92 billion, with approximately 756,100 outstanding contracts and a put/call ratio of 0.57. The maximum pain point is around $2,200, and $3,000 is the largest bullish concentration area, with about 43,000 contracts. Coinbase said that both BTC and ETH Call open interest are higher than Put open interest, and overall Q3-expiry positions still favor higher strike prices.