Deribit released the crypto options expiry data ahead of Christmas Eve, in a volatile crypto market. The general market is down by over 2% on December 23, with a total market cap of $2,95 trillion.
Deribit's Crypto Options Expiry Details
Deribit revealed that $28,5 billion in Bitcoin and Ethereum options will expire this Friday, marking the year-end options expiry and the largest one ever recorded, representing over half of the total OI.
$23,4 billion in Bitcoin options will expire with a Put/Call Ratio of 0.36 and a Max Pain Point at $96,000, significantly higher than Bitcoin's current price.
Also, $3,7 billion in Ethereum options will expire on Deribit with a Put/Call Ratio of 0.45 and a Max Pain Point of $3,100, also higher compared to Ethereum's price today.
The platform highlighted that post-expiry flows matter more than price, however, it remains to be seen how to market will react after such a significant options expiry near the end of 2025.
The general crypto market recorded volatilty today, with both BTC and ETH trading in the red.
Bitcoin and Ethereum Price Actions
At the moment of writing this article, BTC is trading above $86,000, down by more than 3.5% in the past 24 hours.
BTC price dropped from $90,000 levels on December 22, hitting a low at current prices. Institutional interest in BTC cooled down, and the US-based BTC ETFs saw their third day of consecutive outflows yesterday at over $142 million, with Bitwise's BITB seeing the biggest outflow near $35 million, according to SoSoValue data.
Ethereum is trading above $2,900, down by over 4.6% in the past 24 hours.
ETH's price dropped from over $3,060 on December 22, reaching current levels.
ETH is a weaker performer compared to BTC today, despite a renewed institutional interest. On December 22, ETH ETFs saw inflows near $85 million, after 7 consecutive days of outflows since December 11.
24-hour crypto liquidations continued with more than $304 million, mostly longs (above $273 million). BTC saw the biggest liquidated positions near $83.5 million, followed by ETH above $56 million, CoinGlass data shows.
Crypto Industry Maintains Optimism, Despite Volatilty
During the past week, the crypto market saw intense volatilty near the end of 2025. However, predictions remain optimistic for the year to come, amid growing mass adoption worldwide and the development of clearer regulations for the industry globally.
It remains to be seen how the markets will react this Friday after such a significant options expiry. However, regardless of the market volatilty, builders continue to build in the industry, making sure to support adoption in a safer ecosystem that supports innovation, while protecting participants.
Even if 2025 was not the most rewarding year in terms of fiat-related gains, what matters most is that Bitcoin and crypto saw huge adoption globally, being incorporated into the traditional financial system.
Such an inclusion in TradFi could translate into offering people an alternative to using another system, which has matured and can deliver freedom and innovation.
Wealth is created with patience, and what truly matters is the ongoing effort to build and make this world better for everyone.
