Record Options Expiry Sees $28B in Bitcoin and Ethereum Contracts End

December 26 marked the largest crypto options expiry on record. Nearly $28 billion in Bitcoin and Ethereum contracts reached settlement in a single session. The scale alone made it a key event for derivatives markets, even as spot prices remained under pressure. According to data shared by Greeks.live, more than half of the total open interest expired on the day. As a result, rollover activity dominated trading flows across major venues.

BTC Options Dominate the Expiry

Bitcoin accounted for the bulk of the expiring contracts. Roughly 267,000 BTC options reached expiry with a notional value of about $23.6 billion. The put-to-call ratio stood at 0.35. Which signals heavier positioning on the call side. The max pain level for BTC options was set near $95,000. However, Bitcoin traded well below that level going into settlement.

Prices slipped under the $90,000 mark during the fourth quarter and only showed signs of stabilization late in December. Options data by Greeks.live also showed heavy positioning around specific strike levels. Large put interest clustered near $85,000. Meanwhile, the call interest concentrated closer to $100,000. Together, these levels formed a narrow corridor that may have limited price movement ahead of expiry.

ETH Sees Heavy Volume but Smaller Notional

Ethereum options also saw significant activity. Though at a smaller scale. Around 1.28 million ETH options expired. It represents roughly $3.7 billion in notional value. The put to call ratio came in at 0.45. Which is slightly more balanced than Bitcoin. The max pain point for ETH options sat near $3,100. Yet ETH traded below $3,000 during much of the period.

Like Bitcoin, Ethereum posted four consecutive monthly declines. This reflects weak sentiment across the sector. Implied volatility offered further context. BTC’s main-tenor implied volatility hovered near 40%. ETH stood closer to 60%. Both readings sat near mid-range levels for the year. It was shaped by reduced price swings and the holiday slowdown.

Rollovers Shape Post-Expiry Positioning

Rollover trades became the main driver of volume ahead of settlement. Many institutions adjusted positions early to reduce risk tied to sharp expiry-day moves. This behavior added noise to short-term signals and made directional reads less reliable. After the settlement, attention shifted to the March quarterly contracts. These now account for more than 30% of total open interest. Most of that exposure sits in out of the money call options. This suggests traders are positioning for a rebound rather than immediate downside.

Still, analysts caution against overreading the data. The fourth quarter proved difficult for crypto markets overall. Prices fell steadily, development slowed and sentiment stayed weak. In that environment, options sellers benefited more than directional traders. As the record expiry passes, markets now look to whether reduced options pressure will allow clearer price trends to emerge in early 2026.