Reported November 12, 2026, at 11:39:52 (UTC+8). ChainCatcher said approximately $2.8 billion in BTC and ETH options were due to expire that Friday. At the time of the report, the expiry was scheduled, not completed.
| Market | Contracts due to expire | Put/call ratio | Maximum-pain price | Approximate notional value |
|---|---|---|---|---|
| BTC | 34,000 | 0.52 | $76,000 | $2.48 billion |
| ETH | 148,000 | 1.55 | $2,200 | $300 million |
ChainCatcher reported that BTC had traded as low as the $72,700–$73,300 range earlier that week and remained below its $76,000 maximum-pain price. It cited the aftermath of a Binance theft, a period of net ETF outflows and higher-than-expected U.S. CPI data as contributing factors.
Outstanding BTC call options exceeded puts, but the put/call ratio for trading volume had risen to around 1.64 at one point in the preceding 24 hours. ChainCatcher described this as increased short-term demand for downside protection and bearish positioning. It also noted BTC’s difficulty quickly reclaiming $80,000 resistance. These were observations made before the scheduled expiry, not a report of its outcome.
