TLDR
About $28.5 billion of Bitcoin and Ethereum options expired today on Deribit, making it one of the largest crypto options expiries on record per a market update.
- Bitcoin: roughly 268,000 contracts expired on Deribit, per a derivatives summary.
- Ethereum: about 1.28 million contracts expired, per a market note.
- The year?end expiry clustered around 8:00 am (UTC) on Fri, 26 Dec, per an options calendar brief.
Deep Dive
1. Notional Size
The combined Bitcoin (BTC) and Ethereum (ETH) options expiry totaled about $28.5 billion, concentrated on Deribit, which held more than half of open interest. This scale is highlighted in a market update and echoed by Deribits CCO in a trade desk note.
- Large expiries often reset positioning and can lift hedging pressure, creating scope for post?expiry volatility.
- A max pain level near $96,000%%CKPROTECTED2%% on BTC was widely watched, per the derivatives commentary.
The sheer size matters because it can shift short?term price behavior once hedges unwind.
2. Contract Counts
BTC expiries were about 268,000 contracts on Deribit, per a derivatives summary. ETH expiries were about 1.28 million contracts, per a market note.
- Counts translate into hedging flows that can pin price ranges before expiry.
- The put?call skews (BTC put?call around 0.38; ETH around 0.430.45) suggested a bullish tilt, per the market note.
High contract counts amplify hedging effects and can quickly flip market tone when they roll off.
3. Timing And Impact
The major expiry centered on Fri, 26 Dec at 8:00 am (UTC), per an options calendar brief. Thin holiday liquidity can magnify moves around such events, as noted in a market update.
- Hedging gamma walls near $85,000%%CKPROTECTED2%% puts and $90,000%%CKPROTECTED4%% calls were widely cited, influencing near?term ranges per a flow analysis.
- Post?expiry, flows often re?balance and volatility can rise as dealers stop hedging, per the trade desk note.
If you track short?term momentum, watch BTC around key strikes (near $85k and $96k). Price behavior can change once hedging pressure fades.
Conclusion
A very large year?end expiry (~$28.5 billion) just rolled off, with roughly 268,000 BTC and 1.28 million ETH contracts involved. Hedging that previously pinned price ranges can unwind now, increasing the odds of sharper moves. Near?term drivers include how spot reacts around watched strikes and whether liquidity normalizes after the holiday period.
CoinsKid.Com