The cryptocurrency market closed 2025 with a bang, as December 26 marked the largest-ever crypto options expiry, settling a record-breaking $28 billion in notional value. This milestone highlights significant activity in Bitcoin and Ethereum derivatives, even amid price fluctuations and market uncertainties.
December 26: A Historic Day for Crypto Options
Bitcoin options accounted for $23.6 billion of the total expiry volume, with Ethereum trailing at $3.71 billion. Despite four consecutive months of declining prices, the trading community—including institutional participants—demonstrated robust engagement through high rollover strategies and block trades.
Key Insights from BTC & ETH Data
Data from Greeks.live revealed that 267,000 Bitcoin options contracts expired, with a put-call ratio of 0.35. This ratio indicated a clear bullish sentiment, as traders preferred call options over puts. The maximum pain point settled at $95,000—considerably higher than Bitcoin’s current trading level. Similarly, Ethereum contracts saw an expiry of 1.28 million units with a slightly more balanced 0.45 put-call ratio and a maximum pain point of $3,100.
What’s Ahead for Bitcoin and Ethereum
Following the December expiry, all eyes are now on the March 2026 quarterly contracts. Impressively, over 30% of open interest is held in out-of-the-money (OTM) call options. These trends point to traders positioning themselves for a potential market rebound in Q1 2026.
Moderate implied volatility (IV) levels further shaped the trading strategies. Bitcoin’s IV stood at 40%, while Ethereum averaged around 60%, reflecting reduced price swings and risk pricing compared to the year’s peak volatility.
Opportunities for Sellers Amid Cautious Optimism
The current environment of subdued price actions and moderate IV typically favors options sellers. Premium collection strategies remain attractive, even as the market experienced its challenges in late 2025. Strong institutional activity via block trades further reinforces market confidence in cryptocurrencies.
Gear Up for Smart Crypto Strategies
As the market eyes Q1 2026 for potential recovery, it’s an opportune time to refine your crypto investment strategies. Whether you’re an experienced trader or a novice, leveraging tools like Greeks.live for options data and insights can make a significant difference in your decision-making.
Boost Your Crypto Investment Journey
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