Options Expiry Snapshot: Balanced Positioning Across Both Assets

Bitcoin's options market is pricing max pain at $77,000 as of 2026-09-13T01:00:51.502Z, just $287 below spot at $77,287. With total open interest of 2,631.9 contracts and expiry just 1 day out (2026-09-14), the positioning is tight. Ethereum mirrors this compressed setup: max pain sits at $2,520, spot at $2,529, and total OI at 30,718 contracts.

The put/call ratio for BTC stands at 0.558 as of 2026-09-13T01:00:51.249Z, marking bullish positioning. Put OI is 148,688.4 contracts against call OI of 266,476.8. Ethereum shows a similar lean: PCR of 0.5433 with 623,594 puts to 1,147,727 calls. Both markets are tilted toward call holders, signaling trader appetite for upside, though neither ratio is extreme.

Dealer Gamma: Positive Exposure and Flip Levels

Dealer gamma exposure, calculated as an open-interest-weighted estimate as of 2026-09-13T01:00:51.509Z, is net positive for both assets. Bitcoin shows total GEX of 181,552,239 with a flip strike at $79,677 - some 2,390 basis points above spot. Ethereum's total GEX is 18,648,078 with a flip at $2,498, about 310 basis points below current levels.

Positive dealer gamma means dealers are short gamma: they gain from realized volatility moves away from current levels and lose in confined, directionless trading. The gap between spot and flip strikes suggests asymmetric gamma pressure - Bitcoin's dealer short gamma peaks much higher, while Ethereum's flip is already below current price, indicating dealers may be more naturally hedged or have accumulated short positions at lower strikes.

Delta Skew: Flat Risk Reversal Into Medium Term

The 25-delta skew for both BTC and ETH stands at flat (BTC 0.9, ETH 0.0) as of 2026-09-13T01:00:51.489Z, with the nearest measurement dated 2026-10-30 (47 days out). A flat skew means put and call volatility are roughly balanced - no structural tilt toward crash protection or upside premium. This is a neutral signal: the market is not pricing asymmetric tail risk on either side.