Record $28B BTC Options Expiry on Deribit Signals Potential Volatility

• Record $28B notional value marks the largest Deribit options expiry ever, combining monthly, quarterly, and yearly contracts.

• BTC expiry features 267,000 contracts with a 0.35 put-to-call ratio, signaling bearish sentiment.

• ETH saw 1.28M options expire worth $3.71B; markets absorbed the event with ongoing volatility and fear index at 27.

Deribit options expiry hits record $28B: BTC at $95K max pain, ETH $3.1K. Explore trader sentiment and volatility impacts in this 2025 crypto analysis. Stay informed on key market events.

What is the Deribit options expiry and its record scale?

Deribit options expiry refers to the settlement of cryptocurrency derivative contracts on the Deribit exchange, where positions are closed based on underlying asset prices. In 2025, it achieved a historic peak with $28 billion in notional value across BTC and ETH, surpassing prior events and highlighting growing institutional participation. This expiry impacted over half of open positions, driving repositioning and heightened trading volumes.

gm to everyone who knows that the largest options expiry day of the year is here

— Deribit (@DeribitOfficial) December 26, 2025

How does the BTC and ETH put-to-call ratio signal market sentiment?

The BTC options expiry involved 267,000 contracts with a put-to-call ratio of 0.35, indicating stronger call option interest despite downside protection strategies. Maximum pain for BTC sits above current prices at $95,000, where the most options would expire worthless. For ETH, 1.28 million options valued at $3.71 billion expired with maximum pain at $3,100. These metrics, tracked via platforms like CoinGlass, reveal traders’ bearish leanings amid a crypto fear and greed index of 27, up slightly from 21 the prior week. Expert analysis from options data suggests hedging against further dips, as put strikes cluster at $75,000 to $85,000 for BTC.

Deribit awaits a record options expiry event, with $28B in notional positions expiring, out of a total open interest of $42B. | Source: CoinGlass.

BTC has traded narrowly around $88,701, resisting breakouts above $90,000 due to selling pressure and liquidations. ETH faces similar constraints from year-end slowdowns and weak sentiment. The fourth quarter of 2025 ranks among crypto’s poorest, despite earlier highs, prompting seller dominance in options markets.

Institutional inflows and whale activity have amplified the derivatives market’s role in 2025, using options for downside protection. Post-expiry, March contracts hold 30% of open interest, poised to influence near-term dynamics. Deribit data underscores its position as a sentiment barometer, where large expiries historically precede volatility spikes.

Frequently Asked Questions

What was the notional value of the 2025 Deribit BTC options expiry?

The 2025 Deribit BTC options expiry featured $23.6 billion in notional value across 267,000 contracts. With maximum pain at $95,000, it reflected traders positioning for potential upside amid a 0.35 put-to-call ratio, per exchange data.

Why did the Deribit ETH options expiry matter for market volatility?

The ETH options expiry closed 1.28 million contracts worth $3.71 billion, with maximum pain at $3,100. This event, amid low year-end volumes and a fearful market index, highlighted hedging strategies that could amplify price swings in Ethereum trading.

Key Takeaways

• Historic Scale: $28 billion notional value sets a new benchmark for Deribit options expiry, driven by BTC and ETH contracts.
• Bearish Signals: Low put-to-call ratio and clustered strikes at $75K-$85K indicate ongoing downside protection for BTC.
• Volatility Ahead: Monitor March options, holding 30% open interest, for directional cues in 2025 crypto markets.

Conclusion

The record Deribit options expiry of $28 billion underscores the maturing influence of cryptocurrency derivatives on BTC and ETH price action in 2025. With bearish put-to-call ratios and maximum pain levels signaling caution, traders must navigate heightened volatility from institutional repositioning. As markets evolve, staying attuned to such events via platforms like CoinGlass will be essential for informed decision-making and capitalizing on emerging opportunities.