- Record expiry: Around $27 billion in Bitcoin and Ethereum options expired
on Deribit, the platform’s largest ever.
- Breakdown: Roughly $23.6 billion in BTC options and $3.8 billion in ETH options, representing over 50% of open interest.
- Market reaction: Prices remained stable, with BTC around $88,000-$89,000 and ETH near $2,950-$2,980.
- Outlook: Removal of gamma hedging pressure could allow freer price movement into 2026.
The cryptocurrency market quietly absorbed the largest options expiry in history on December 26, as approximately $27 billion worth of Bitcoin (BTC) and Ethereum (ETH) contracts settled on leading derivatives platform Deribit.
This year-end event, often dubbed the “Boxing Day” expiry, involved $23.6 billion in BTC options and $3.8 billion in ETH options, clearing more than half of Deribit’s total open interest. Despite pre-event concerns over potential volatility in thin holiday liquidity, the settlement passed orderly with limited price swings.
Bitcoin traded steadily in the $88,000 to $89,000 range, while Ethereum hovered around $2,950 to $2,980 throughout the day. Analysts noted that the absence of dramatic moves aligned with fading panic metrics and contained implied volatility ahead of the expiry.
Prior to the event, options positioning showed a bullish skew, with a put-call ratio around 0.38 and max pain levels near $95,000 for BTC and $3,000 for ETH. Heavy call gamma had previously capped upside, contributing to December’s range-bound action between $85,000 and $90,000.
“The huge expiry comes on Boxing Day. Volatility remains contained… and while overall activity remains high and upside exposure dominates, holiday season thinned liquidity,” noted Deribit insights shared via CoinDesk.
Post-expiry, the removal of significant gamma and delta hedging obligations could free up price discovery. Traders now shift focus to early 2026 flows, including potential ETF demand and macro influences, amid a challenging Q4 for crypto performance.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
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