TLDR
BTC and ETH options on Deribit expire on Friday, 26 Dec at 8:00 am (UTC) per a year?end schedule widely noted by market outlets, including a record?size event this week (CoinDesk report).
- Expiry size is roughly $2728.5 billion notional across BTC and ETH (Yahoo Finance live update).
- The expiry time is 08:00 am (UTC) on Deribit, which is the focal venue for crypto options (market commentary on the schedule).
- Positioning signals show max pain near $96,000 (BTC) and a put?call ratio ~0.38%%CKPROTECTED4%%, implying a call?heavy tilt (CoinDesk report above).
Deep Dive
1. Expiry Date and Time
The key year?end BTC and ETH options expiry is Friday, 26 Dec at 8:00 am (UTC) on Deribit, the largest crypto options venue by open interest. This specific time window is highlighted in market tracking posts that follow Deribits standard expiry cadence (schedule reference).
Why this matters for timing: liquidity often thins into the holiday period, so price moves around the exact expiry hour can be more pronounced than in normal weeks, especially when large strikes converge. Analysts and outlets have flagged 26 Dec as the bigger crypto?specific test this month (Decrypt analysis).
If you need precision, plan around 8:00 am (UTC) Friday. That is when options settle, hedges unwind, and spot can reprice.
2. Record Size and Market Context
This expiry is unusually large, with reports citing ~$2728.5 billion in combined BTC and ETH contracts, representing over 50% of Deribit open interest (Yahoo Finance live update; CoinDesk report).
Large expiries concentrate gamma and delta hedging flows near key strikes. When the notional is this big, hedging adjustments into and after expiry can amplify spot volatility, particularly if liquidity is thin and positioning is one?sided.
Size increases the odds that hedging flows move price. Expect faster tape around expiry if strikes are near spot.
3. Positioning Signals and Volatility Risk
Deribit desk commentary points to max pain around $96,000 (BTC) and a put?call ratio ~0.38%%CKPROTECTED5%%, reflecting a call?heavy skew and potential bullish bias if spot drifts toward max pain into settlement (CoinDesk report). Short?horizon history also shows frequent 5% swings around major expiries, especially with holiday?thin order books (schedule and volatility note).
Mechanically, once these contracts roll off, market makers reduce delta hedges linked to short calls or protective puts, which can remove pinning effects and allow spot to move more freely.
Monitor spot behavior near key strikes. A post?expiry unpin can unlock direction; invalidation is a sustained break away from the dominant strike cluster.
Conclusion
The BTC and ETH options expiry hits Friday, 26 Dec at 8:00 am (UTC). It is unusually large and concentrated, with max pain near $96,000 (BTC), so hedging flows could elevate volatility into and after settlement. If you are watching near?term direction, the hour around expiry and the first session afterward often reveal whether pinning fades or follow?through develops.
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