Which majors saw options expiry impacts?

TLDR

Bitcoin (BTC) and Ethereum (ETH) were the primary majors affected by the year?end options expiry, with a combined notional of roughly $2728 billion expiring on Deribit, pinning price ranges and elevating hedging flows per a market update.

1. BTC: heavy open interest, max pain near $95,000%%CKPROTECTED2%%, calls dominating puts, keeping spot constrained until contracts rolled off per an expiry preview.
2. ETH: about $3.8 billion expiring, max pain near $3,000%%CKPROTECTED4%%, similar range?pinning effects as dealers hedged strikes per an analysis.
3. Other majors (XRP, SOL) saw spillover caution and tighter ranges around the event window per a coverage note.

Deep Dive

1. Bitcoin Setup

BTC carried the bulk of expiry notional, concentrating dealer hedging around key strikes and compressing spot ranges until roll?off.

• The event marked one of cryptos largest expiries, with BTC options near $2324 billion and max pain around $95,000%%CKPROTECTED4%%, implying pinning effects before re?positioning per an expiry preview.
• Calls outnumbered puts roughly three to one, skewing positioning toward upside strikes while hedging anchored spot near major levels per a market update.

2. Ether Dynamics

ETH expiry effects mirrored BTC, with concentrated strikes around $3,000%%CKPROTECTED1%% and a similar options skew keeping price behavior range?bound.

• Year?end expiry carried ~$3.8 billion notional for ETH with max pain near $3,000%%CKPROTECTED4%%, contributing to temporary price pinning as dealers managed gamma exposure per an analysis.
• Deribit and options desks highlighted that post?expiry flows would matter more than immediate prints, making positioning shifts the key signal per a market update.

3. XRP and SOL Spillovers

Non?BTC/ETH majors showed caution and tighter ranges around the expiry window, reflecting cross?asset hedging and thin holiday liquidity.

• Coverage flagged XRP and SOL alongside BTC/ETH in expiry chatter, with expectations of near?term volatility and attention to max pain levels per a coverage note.
• Broader majors stayed muted as dealers hedging and holiday?period liquidity constrained directional moves per a macro markets brief.

Conclusion

Options expiry effects were most visible in BTC and ETH, where large notional and concentrated strikes pinned ranges until contracts rolled off. Spillovers to XRP and SOL reflected correlation and thin liquidity. The actionable focus is on post?expiry flowshow dealers and funds re?position sets the near?term direction.