Quick Take
A record $23.6 billion in notional Bitcoin options value is scheduled to expire on December 26, 2025.
Call options show heavy clustering at $100,000 and $120,000 strikes, reflecting upside bets.
Put options are concentrated near $85,000, indicating downside protection.
The max pain price sits at $96,000, where option sellers would face minimal losses.
One of the largest Bitcoin options expiries on record approaches as traders brace for potential volatility in the final trading days of 2025.
Approximately $23.6 billion in Bitcoin options contracts are set to expire next Friday, December 26, marking a significant derivatives event on platforms like Deribit. This expiry comes amid Bitcoin’s consolidation phase, with the cryptocurrency trading in a range that could see amplified moves due to hedging activity.
Open interest data highlights distinct positioning: bullish calls are heavily clustered around the $100,000 and $120,000 strike prices, suggesting traders are betting on a potential year-end rally or rebound. In contrast, puts are concentrated near $85,000, pointing to increased demand for downside protection in recent weeks.
The max pain level—the price at which the majority of option holders would expire worthless, maximizing losses for buyers—is estimated at $96,000. Prices often gravitate toward this level as expiry nears due to market makers’ delta hedging, which can suppress volatility or pin the spot price within key strike ranges.
Such large expiries have historically introduced short-term price pressure or whipsaws, particularly in low-liquidity holiday periods. Analysts note that post-expiry repositioning could clear gamma exposure, potentially setting the stage for sharper moves into 2026.
While the event underscores elevated leverage in the derivatives market, it also reflects ongoing institutional participation in Bitcoin options for hedging and speculative purposes.
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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