Record $28B Crypto Options Expiry Hits December 26

Nearly $28B in crypto options expire on Dec. 26, with 267K BTC and 1.28M ETH contracts set to close, marking the largest expiry in history.

Aurelien Sage December 26, 2025 - 1:30 PM

Crypto options expiry with BTC and ETH max pain levels

News

December 26 sees record $28B crypto options expiry.
267K BTC and 1.28M ETH options set to expire.
Max pain points are $95K for BTC, $3.1K for ETH.

December 26 is set to make history in the crypto derivatives market, with a massive $28 billion worth of options contracts expiring. This marks the largest crypto options expiry ever recorded, signaling a potentially volatile period for Bitcoin (BTC) and Ethereum (ETH) prices.

A total of 267,000 BTC options will expire, with a put/call ratio of 0.35—suggesting that bullish call options heavily outweigh bearish puts. The max pain price, the level at which option holders experience the most financial loss, is currently at $95,000. While BTC remains far below this level, it highlights the aggressive bullish sentiment among traders earlier in the contract cycle.

Ethereum Options Also Set to Expire in Bulk

Ethereum is also seeing a significant expiry event, with 1.28 million ETH options closing today. The put/call ratio here stands at 0.45, still indicating more bullish positions. The max pain level for ETH sits at $3,100.

These figures highlight not only the scale of the expiry but also the strong investor optimism baked into options pricing, despite current spot prices being well below max pain levels.

Greeks live: Dec. 26 marks the largest crypto options expiry on record, with nearly $28 billion in notional value expiring. About 267K BTC options expire with a put/call ratio of 0.35 and a max pain level at $95,000, while 1.28 million ETH options expire with a put/call ratio of…
— Wu Blockchain (@WuBlockchain) December 26, 2025

What This Means for the Market

Massive options expiries like this can lead to increased volatility as traders unwind or roll over their positions. The low put/call ratios for both BTC and ETH imply that many traders were betting on price increases. However, as the expiry nears, the gap between spot prices and max pain levels could affect short-term market movements.

Market participants should stay alert for price swings, especially as expiry events often act as catalysts for shifts in momentum. The scale of this expiry reflects the growing sophistication and size of the crypto options market, which continues to mirror traditional finance structures more closely.

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