Based on AiCoin, December 26, 2025 marked the largest cryptocurrency options expiry in history, with a total notional value of approximately $28 billion. Bitcoin had 267,000 options expiring, with a put/call ratio of 0.35 and a maximum pain point at $95,000, while Ethereum had 1.28 million options expiring, with a put/call ratio of 0.45 and a maximum pain point at $3,100. After the expiry, the March quarterly options became the largest open position, accounting for over 30% of total positions, primarily consisting of out-of-the-money call options.
December 26 Marks Largest Crypto Options Expiry with $28B Notional Value
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Summary
December 26, 2025 marked the largest crypto options expiry in history, with a total notional value of around $28 billion. Bitcoin had 267,000 options expiring, with a put/call ratio of 0.35 and a maximum pain point at $95,000. Ethereum had 1.28 million options expiring, with a put/call ratio of 0.45 and a maximum pain point at $3,100. After the expiry, the March quarterly options became the largest open position, making up over 30% of total positions, mostly out-of-the-money call options.
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