Record $28B BTC Options Expiry on Deribit Signals Potential Volatility
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Deribit options expiry saw a record $28 billion in notional value for BTC and ETH, closing with 267,000 BTC options and 1.28 million ETH options. This historic event reflected trader hedging amid market volatility, with BTC maximum pain at $95,000 and ETH at $3,100. Record $28B notional value marks the largest Deribit options expiry ever, combining monthly, quarterly, and yearly contracts. BTC expiry features 267,000 contracts with a 0.35 put-to-call ratio, signaling bearish sentiment. ETH saw 1.28M options expire worth $3.71B; markets absorbed the event with ongoing volatility and fear index at 27. Deribit options expiry hits record $28B: BTC at $95K max pain, ETH $3.1K. Explore trader sentiment and volatility impacts in this 2025 crypto analysis. Stay informed on key market events. What is the Deribit options expiry and its record scale? Deribit options expiry refers to the settlement of cryptocurrency derivative contracts on the Deribit exchange, where positions are closed based on underlying asset prices. In 2025, it achieved a historic peak with $28 billion in notional value across BTC and ETH, surpassing prior events and highlighting growing institutional participation. This expiry impacted over half of open positions, driving repositioning and heightened trading volumes. gm to everyone who knows that the largest options expiry day of the year is here — Deribit (@DeribitOfficial) December 26, 2025 How does the BTC and ETH put-to-call ratio signal market sentiment? The BTC options expiry involved 267,000 contracts with a put-to-call ratio of 0.35, indicating stronger call option interest despite downside protection strategies. Maximum pain for BTC sits above current prices at $95,000, where the most options would expire worthless. For ETH, 1.28 million options valued at $3.71 billion expired with maximum pain at $3,100. These metrics, tracked via platforms like CoinGlass, reveal traders’ bearish leanings amid a crypto fear and greed…
Filed under: News - @ December 26, 2025 11:23 am