When do BTC options expire?

TLDR

Bitcoin (BTC) options typically expire at 8:00 am (UTC) on Fridays on Deribit; this weeks year?end expiry is scheduled for 26 Dec 2025 at that time per an exchange report 8:00 am UTC Friday.

1. Expiry settlement uses the 8:00 am (UTC) spot price on Friday settlement time.
2. This Friday marks a record Deribit options expiry (reported near $28.5 billion) record expiry.
3. Max pain sits around $9596k per recent analyses max pain.

Deep Dive

1. Friday 8:00 am UTC

Most BTC options activity is concentrated on Deribit, where expiries settle at 8:00 am (UTC) on Fridays; recent coverage confirmed this specific timing for the latest weekly batch 8:00 am UTC Friday.

• Settlement depends on the 8:00 am (UTC) price print that day, which determines which strikes finish in or out of the money settlement time.

2. This Weeks Year?End Event

This Fridays expiry is unusually large, with coverage citing roughly $28.5 billion in BTC and ETH options set to roll off on Deribit record expiry. Other outlets frame the BTC slice near $23 billion, highlighting different data cuts but the same record theme expiry scale.

1. Deribit holds the majority of open interest; CME is smaller but notable in total OI share OI share.
2. Holiday?week liquidity is thin, so hedging flows around expiry can move spot price more than usual holiday liquidity.

3. Max Pain and Pinning

Recent analyses place BTC max pain near $9596k, a level where the greatest number of option holders lose value and which can attract pinning effects into expiry max pain at 95k and near 96k.

1. Traders often hedge toward max?pain levels ahead of settlement, then unwind after the 8:00 am (UTC) print, sometimes releasing suppressed volatility volatility release.

Conclusion

BTC options generally expire at 8:00 am (UTC) on Fridays on Deribit, and this weeks year?end event is unusually large. The settlement print at 8:00 am (UTC) and hedging around max pain can pin price into expiry, with volatility often increasing afterward.