In a report cited by TechFlow on November 12, 2026, Greeks.live analyst Adam said approximately $2.78 billion in Bitcoin and Ether options were due to expire on Friday, November 13.
| Expiring options | Contracts | Notional value | Put/call ratio | Max-pain level |
|---|---|---|---|---|
| BTC | About 34,000 | $2.48 billion | 0.52 | $76,000 |
| ETH | About 148,000 | $300 million | 1.55 | $2,200 |
Adam said both assets’ prices had fallen below their respective max-pain levels amid market selling pressure. Separately, the put/call ratio for BTC trading volume over the preceding 24 hours had reached 1.64 at one point, which Adam interpreted as increased short-term demand for puts. BTC short-term implied volatility was also above its medium-term level. These were conditions reported ahead of expiry, not a forecast of where prices would settle.
Original report: TechFlow, published November 12, 2026, at 12:01 p.m. UTC+8.