TLDR
It was the year?end expiry of Bitcoin (BTC) and Ethereum (ETH) options on Deribit on Friday, 26 Dec (UTC).
- Bitcoin (BTC): roughly $2323.6 billion notional expired, one of the largest on record, with max pain near $9596k and calls dominating puts record expiry coverage.
- Ethereum (ETH): about 1.25 million contracts (~$3.43.8 billion) expired, with max pain around $3,0003,100%%CKPROTECTED6%% ETH figures.
- The combined crypto expiry near $27 billion helped pin spot prices pre?expiry and reset positioning afterward expiry scale.
Deep Dive
1. Scale And Venue
The Friday event was a combined BTC and ETH options expiry on Deribit totaling about $27 billion, representing more than half of that venues open interest and ranking among the largest in cryptos history overview.
- BTC accounted for ~$23.6 billion and ETH for $3.8 billion, reflecting month?end and quarter?end roll?offs detail.
- Analysts flagged the expiry as a structural reset that can mute price action before the event and increase volatility after context.
When expiries are this large, dealer hedges often keep spot in tight ranges into Friday, then positioning and flows can change materially post?expiry.
2. Positioning And Max Pain
Positioning skewed bullish (calls over puts) and concentrated around defined max pain zones where options buyers lose the most and sellers benefit.
- BTC had a put/call ratio near 0.37%%CKPROTECTED2%% and a max pain band around $9596k positioning.
- ETHs put/call ratio was ~0.45%%CKPROTECTED2%% with max pain near $3,0003,100%%CKPROTECTED4%% ETH positioning.
- Dealers gamma and hedging around key strikes can suppress volatility ahead of expiry, then unwind flows can amplify moves afterward hedging dynamics.
Expect pre?expiry pinning near max?pain levels and be cautious interpreting options tape this week due to rollover noise noted by Greeks.live caution.
3. After-Expiry Flows
Post?expiry mechanics mattered more than the immediate tick: funding, hedges, and open interest can reset rapidly.
- Commentary highlighted that roughly 50% of OI was wiped following the record expiry, changing the balance of hedging flows into early 2026 %%CKPROTECTED0%%.
- Expiries typically occur Friday around 8:00 am (UTC) on Deribit, which concentrates flow timing for pinning/unwinding timing.
After large expiries, watch how positioning rebuilds (calls vs puts, strikes, and OI) rather than only the immediate spot move.
Conclusion
Fridays market moves were driven by the record?scale BTC and ETH options expiries on Deribit, which pinned prices into the event and then reset positioning afterward. The skew toward calls, max?pain proximity, and the sheer notional size made the expiry the dominant short?term driver, with the next moves shaped by how traders rebuild positions and hedges in early 2026.
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