$4.5 Billion Bitcoin and Ethereum Options Expire with Traders Cautious Ahead of Year-End Moves

Approximately $4.5 billion in Bitcoin (BTC) and Ethereum (ETH) options are set to expire on December 12, 2025. Bitcoin's open interest is valued around $3.7 billion, with a max pain level at $90,000, showing a balanced put-to-call ratio suggesting contained expectations. Ethereum's expiring options total nearly $770 million, with a slightly higher put-to-call ratio, though call concentration above $3,400 hints at potential volatility appetite. Market caution prevails despite the Federal Reserve's recent rate cut and Treasury purchases, as analysts warn against premature bullish declarations, citing historically weak year-end liquidity. While near-term risks like ETF outflows and miner stress exist, long-term momentum for both assets remains, suggesting the expiry itself might be contained unless a new catalyst appears.

(Source：BeInCrypto)