How much BTC options expire Friday?

TLDR

About $23.7 billion in Bitcoin (BTC) options expire on Friday, 26 Dec (UTC), the largest BTC options expiry on record per a market update.

1. Max pain clusters near $95,000%%CKPROTECTED2%%, a level that often pins spot into expiry per analysis.
2. The combined BTC and ETH options expiry is roughly $28.5 billion on Deribit, heightening volatility risk per a report.
3. Strikes are concentrated with calls around $100k$120k and puts near $85k per market coverage.

Deep Dive

1. Size and Date

The BTC-only notional set to roll off is about $23.7 billion on Friday, 26 Dec (UTC), making it the largest year-end BTC options expiry to date per a market update. For context, the combined BTC and ETH expiry is cited around $28.5 billion on Deribit, underscoring how concentrated the event is into a single session per a report.

2. Positioning and Max Pain

Recent positioning shows calls stacked in the $100k$120k band and puts clustered near $85k, with max pain (the level where option holders lose the most) cited near $95k$96k per analysis and coverage. In thin holiday liquidity, dealers hedging flows can keep spot gravitating toward these strike-heavy areas into expiry.

3. Volatility Setup

Dealers gamma hedging has been cited as a key suppressor of volatility into Friday, with multiple sources flagging a potential gamma flush effect that can unpin price post-expiry per a detailed note. Thin year-end liquidity and tax-loss activity can amplify swings, making $85k$90k a pivotal support zone into the event per a market update.

Conclusion

The largest BTC options expiry on record (about $23.7 billion) landing on 26 Dec, concentrated strike bands, and thin holiday liquidity raise the odds of meaningful volatility around and after settlement. If spot holds the $85k$90k area into expiry, follow-through above $95k$96k becomes more feasible once hedging pressure clears, while a break below support could accelerate downside.