In a report published on November 12, 2026, at 11:38 a.m. UTC+8, Odaily said roughly $2.8 billion in BTC and ETH options were due to expire that Friday.
| Expiring options | Contracts | Put/call ratio | Maximum-pain level | Notional value |
|---|---|---|---|---|
| BTC | About 34,000 | 0.52 | $76,000 | About $2.48 billion |
| ETH | About 148,000 | 1.55 | $2,200 | About $300 million |
Odaily reported that BTC had briefly fallen into the $72,700–$73,300 range earlier that week and was still below the $76,000 maximum-pain level at the time of publication. It attributed the decline to the aftermath of a Binance theft, a period of net ETF outflows and a higher-than-expected US CPI reading.
The report distinguished BTC’s outstanding positions, where calls predominated, from recent trading: its put/call volume ratio had briefly approached 1.64 over the preceding 24 hours. Odaily interpreted that activity as increased short-term demand for downside protection or bearish positions. ETH’s reported put/call ratio of 1.55 pointed to a more defensive positioning mix. These are dated options-market readings, not forecasts of where either asset would trade at expiry.