The Biggest Options Expiry Ever—What $27 Billion Means for Bitcoin and Ethereum

Crypto markets are facing a historic options expiry on December 26th, totaling over $27 billion across Bitcoin ($23.6B) and Ethereum ($3.8B) contracts on the Deribit exchange. This event is the largest on record, accounting for more than 50% of Deribit's total open interest, encompassing both monthly and quarterly (Q4 2025) expirations. Call options significantly outnumber puts, suggesting a bullish market tilt, though the 'max pain' levels are near $95,000 for BTC and $3,000 for ETH. Analysts note that rollover activity is currently creating signal noise in trading data, as institutions shift positions to January contracts. Despite the massive scale, implied volatility is relatively low, suggesting a potentially orderly settlement. The market's direction post-expiry, driven by how institutions manage rolled-over positions, is expected to set the tone for early 2026.

(Source：BeInCrypto)