Yeliz Akmaca 
$3.16 billion worth of Bitcoin and Ethereum options expire today on Deribit. As holiday liquidity thins and positions cluster, short-term volatility rises. Bitcoin trades near the $88,000 max pain level, likely remaining range-bound unless a breakout occurs. Ethereum’s broader position distribution allows for larger moves if volatility reaccelerates.
Upcoming $3B Bitcoin Options Expiry
Bitcoin dominates today’s expiry, with roughly $2.69 billion in notional value expiring. BTC was trading at $87,194 at the time of writing, marking a 0.54% increase over the past 24 hours.
Bitcoin’s max pain level sits at $88,000, just above spot, where most options expire worthless. Open interest data shows a balanced but slightly cautious stance. Bitcoin call open interest stands at 17,506 contracts, put at 13,309 contracts, totaling 30,815 contracts with a put-to-call ratio of 0.76.
Deribit analysts note:
“BTC open interest is concentrated around 88K, with slightly heavier put positioning, pointing to a relatively contained expiry unless spot breaks range.”
This reinforces the view that Bitcoin may remain range-bound through settlement amid pre-holiday caution.
$470M Ethereum Options Expiry
Ethereum sees roughly $473 million in options expiring today. ETH trades at $2,928, up 3.37% in the past 24 hours. Max pain is $3,100, leaving spot below the key strike.
ETH open interest is more evenly distributed, with 78,524 call contracts versus 83,547 puts, put-to-call ratio 1.08, total 162,071 contracts. Wider positioning indicates short-term uncertainty.
Deribit analysts comment:
“ETH positioning is more distributed across strikes, with notable upside interest above 3.4K, keeping larger moves in play if volatility reaccelerates.”
Analysts suggest traders remain patient into settlement, waiting for a clearer catalyst rather than forcing a direction.
Post-Expiry and Long-Term Positioning
Attention shifts to December 26 and early 2026 positions. Deribit Insights notes, “December 26 85K Put OI ~15K ($1.25B), bears and FUD currently in control, while upside bets remain cautious.”
Longer-term flows show a constructive outlook, with 2026 positioning maintaining a bullish bias.
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