Large Expiration: $27 Billion in BTC and ETH Contracts

Large Expiration: $27 Billion in BTC and ETH Contracts

The cryptocurrency markets are experiencing a remarkable moment today with the expiration of over $27 billion in Bitcoin (BTC) and Ethereum (ETH) options on Deribit. This amount represents more than half of the total open interest on the derivatives exchange. This expiration, which occurs on the last Friday of the month and the year, has a much higher trading volume compared to the previous week's data.

Highlighted Data

In today's options agenda, Bitcoin options expiring account for $23.6 billion, while Ethereum's share is $3.8 billion. Under current market conditions, Bitcoin is trading at around $89,000, and Ethereum is at approximately $2,976.

Market Trends and Maximum Pain

Call options are seeing nearly a third more trading volume compared to put options, indicating a significant bullish trend among investors. Maximum pain levels for options are shaping up around $95,000 for Bitcoin and about $3,000 for Ethereum. These levels are defined as points where option sellers will gain the most profit, while buyers will experience the largest losses.

Market Reactions and Volatility

Deribit points out that this expiration includes more than 50% of the exchange's total open interest. They mention, "Post-expiration flows will be more important than the price. Keep a close eye on the positions. How will the market react to such a large expiration?" The volatility index (DVOL) has dropped from 63% in November to around 42% today, reducing the likelihood of panic-induced fluctuations.

Impacts on 2026

Nevertheless, a process of expiration that could have determining effects for the year 2026 awaits us. The flows that occur after the expiration have the potential to influence the market direction and ease upward resistance. Today's options agenda presents an extraordinary situation that contains both opportunities and risks for investors.

As a result, large expirations in the cryptocurrency world always have significant effects. Preparing for potential trend changes in 2026 could enable investors to take strategic steps.