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Record $27 billion expiry reshapes crypto options landscape
A record $27 billion worth of Bitcoin and Ethereum options expired in the cryptocurrency market this week, marking one of the largest contract settlements ever recorded on the derivatives exchange Deribit. The event reflected both the growing sophistication of crypto-based financial products and a shifting mood among institutional traders heading into 2026.
Most of the expiring options were linked to Bitcoin, totaling around $23.6 billion across more than 260,000 contracts. Ethereum accounted for roughly $4 billion through 1.28 million contracts. Despite the huge volume involved, market volatility remained muted, with Bitcoin’s implied 30-day volatility index settling around 42 percent after peaking at 63 percent in late November. Bitcoin traded near $87,200, while Ethereum hovered just below $2,900.
Data from the exchange showed that call options continued to dominate, outnumbering puts nearly three to one. Bitcoin’s put-to-call ratio remained around 0.35, while Ethereum’s stood close to 0.45. The so-called “max pain” levels where traders face the greatest losses—were estimated at about $95,000 for Bitcoin and just above $3,000 for Ethereum. However, both assets remained beneath those thresholds as contracts expired, suggesting a stronger payoff for sellers.
Institutional investors actively rolled over positions to longer-term contracts expiring in early 2026, particularly targeting the March quarter. Analysts noted that these new positions were heavily concentrated in out-of-the-money call options, signaling cautious optimism about potential price recovery. Deribit reported that roughly a third of all open interest had shifted to these new maturities.
Industry observers highlighted that while optimism persisted, the final quarter of 2025 was challenging, with Bitcoin easing from highs above $105,000 seen in November. The strategic repositioning following this record-breaking expiry is expected to shape how major traders navigate price dynamics and market sentiment through the first months of 2026.