TLDR
Bitcoin (BTC) options on major crypto venues like Deribit expire on Friday 26 Dec at around 8:00 am (UTC) per the year?end monthly and quarterly schedules (Boxing Day expiry, 8:00 am UTC typical time).
- Record?size expiry of about $23.6$23.7B notional in BTC options is due Friday (market updates).
- Weekly BTC options generally expire each Friday at ~8:00 am (UTC) on Deribit (schedule note).
- Max pain for BTC is widely cited around $95k$96k into this expiry (analyst commentary).
Deep Dive
1. Date And Time
The year?end Boxing Day BTC options expiry is Friday 26 Dec (UTC) and, on Deribit, options typically settle around 8:00 am (UTC) (Boxing Day expiry, time convention).
This event bundles monthly plus quarterly contracts, making it materially larger than routine weekly expiries. Deribits Friday morning UTC timing is the convention traders center around in crypto options.
If you plan around intraday volatility, the pivotal window is the hours around 8:00 am (UTC) on Friday.
2. Size And Impact
This is one of cryptos largest options expiries, with roughly $23.6$23.7B in BTC notional expiring and more than half of Deribits open interest tied to Fridays roll (market analysis, Boxing Day overview).
Large expiries often constrain spot ahead of the event due to hedging, then release volatility once the calendar clears. Commentary this week frames the expiry as a lid on price that may lift after settlement (analysis above).
Expect tighter ranges into expiry and potential sharp moves afterward as hedges unwind. Low depth plus concentrated strikes can widen spreads and accelerate drawdowns.
3. Max Pain And Positioning
Positioning is clustered at key strikes: OI near $100k$116k calls and $85k puts, with max pain frequently cited around $95k$96k this week (strike clusters and OI, max pain cited).
Max pain is the level where option buyers lose the most and sellers gain the most, which can affect hedging flows as expiry approaches. Its a guide, not a guarantee, and post?expiry flows often matter more than pre?expiry pinning.
If spot is far from max pain, hedging can pull price toward those levels into expiry. Afterward, positioning resets and the pin effect fades.
Conclusion
BTC options expire Friday 26 Dec at around 8:00 am (UTC). This year?end event is unusually large, with concentrated strikes and a max pain zone near $95k$96k, so pre?expiry pinning and post?expiry volatility are plausible (overview above, schedule note).
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