📊 $3.16 Billion Crypto Options Expiry Puts $BTC and $ETH ’s Next Move in Question ❓
Over $3.16 billion worth of Bitcoin and Ethereum options are set to expire today on Deribit, marking the final major derivatives settlement before Christmas. With holiday liquidity thinning, traders are cautious, waiting for a strong catalyst before choosing direction.
🟠 Bitcoin (BTC): Range-Bound Risk
Expiry value: ~$2.69B
Price: ~$87,200
Max pain: $88,000
Put/Call ratio: 0.76
Bitcoin’s positioning is tightly clustered near $88K, suggesting limited upside unless BTC breaks decisively above resistance. Analysts expect contained price action into expiry.
🔵 Ethereum (ETH): Wider Volatility Window
Expiry value: ~$473M
Price: ~$2,928
Max pain: $3,100
Put/Call ratio: 1.06
Unlike BTC, Ethereum options are spread across wider strike ranges, keeping larger price swings possible if volatility returns. Upside interest above $3.4K remains notable.
📆 Looking Ahead
Short-term sentiment stays defensive, but long-dated positions into 2026 show bullish bias. Traders appear patient now, balancing near-term restraint with long-term optimism.
As the last options expiry before Christmas approaches, both BTC and ETH sit at a crossroads — volatility may spike, but direction remains unresolved.
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