Deribit options influenced sentiment in the trade because they were able to expire with less disruption in the market, with a total of 3.18 billion contracts.
The activity of the Deribit options indicated the defensive strategies during ongoing price pressure in Bitcoin and Ethereum.
Deribit options indicate a cautious Bitcoin attitude
Deribit options had a low part-weekly expiry, with BTC and ETH contracts worth up to $3.18 billion settling on Friday. Bitcoin registered a notional value of 2.7 billion, and the action of prices was held in check.
Bitcoin was trading at almost 88,000, which was just below its maximum pain point in the expiry window. In contrast to the past, traders did not even make an effort to force prices to that point. Centrality of options positioning was on downside protection instead of manipulating the short-term prices.
The focus on put options under $91,000 raised the issue of possible weakness. The biggest pond of liquidity was close to 85,000, which indicated protection against further falls. Strikes exceeding 91,000 were predominantly call options since the optimism was limited to upside.
The weekly expiry was put at to call ratio of 0.8 with slightly high interest on call. Traders seemed to be ready in case there was a decline to $80,000. Weekend volatility can be witnessed immediately after weekly expiries, but more general market pressure can constrain sharp movements.
Ether options indicate greater optimism
There are also Ethereum contracts of $460 million that were expiring in the same session in Deribit options. Eth had a maximum pain of approximately $3,100, and the spot prices were approximately 2,953 before settlement.
Ethereum distribution of strikes seemed broader than that of Bitcoin, which indicated positioning was more diversified. The maximum protection of the downside was concentrated around 2,500, which points to traders being risk-conscious. Meanwhile, the interest in the calls was high above $3,400.
This arrangement implied a less positive to slightly favorable attitude toward Ethereum. ETH options compared to Bitcoin had more stable expectations. Traders were ready to have exposure, assuming the price would rebound above important areas of resistance.
Deribit options market decelerates before the end of the year
The activity of Deribit options decelerated in the last quarter of 2025. The open interest dropped to around $39 billion compared to the over 46 billion it had when it was past the third quarter expiry. This level has not changed much in recent months.
Expiries every week were reduced, but the general line remained higher than at the beginning of November. There is a huge expiration date of December 26, when nearly 23 billion options will expire. Such a figure constitutes over fifty percent of open interest.
There are a few positions that are likely to carry over to the next quarter. The possibility of liquidity recovery following the expiry can provide an indication of larger crypto market momentum. The open interest of bitcoin futures is still approximately 27 billion, with minimal changes since the market shock in October.
The Deribit options market is exhibiting a slow pace, not feeble speculation. The traders seem to be keen on dealing with the downside risk near year-end expiries.
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