A record $28.5 billion worth of crypto options is set to expire on Deribit on December 26, turning the final trading days of the year into a major derivatives event.
More than half of Deribit’s total open interest will roll off during the Boxing Day expiry, making it the largest options expiration in the platform’s history.
Deribit, now owned by Coinbase, is seeing heightened institutional participation rather than retail-driven speculation as the dominant market force.
The expiry includes approximately $24.3 billion in Bitcoin options and around $4 billion in Ethereum contracts.
Deribit chief commercial officer Jean-David Pequignot said the scale of the expiry reflects the market’s structural evolution.
With a record-shattering $28.5 billion in notional value set to expire on December 26, this event represents more than 50% of the total open interest in options at Deribit.
Jean-David Pequignot said.
He added that volatility remains relatively muted despite the size of the expiry and thinning holiday liquidity.
Bitcoin’s DVOL Index is hovering near 45, signalling a controlled volatility environment.
Bitcoin was trading near $87,981, placing the spot price below the $96,000 max pain level for the expiry.
The put-to-call ratio stands at 0.37, suggesting call-heavy positioning.
A significant $1.2 billion options cluster at the $85,000 strike could influence short-term price action.
The market has repriced the skew lower after a rally in late November and early December.
Jean-David Pequignot said.
He noted that short-dated put-call skews remain positive but well below recent highs.
Medium-term positioning continues to target upside levels between $100,000 and $125,000.
Heavy call concentration near $100,000 to $102,000 may act as resistance without a surge in volume.
Traders have been rolling downside protection from December into January structures.
The repositioning reflects caution ahead of January macro catalysts.
These include the Federal Reserve’s late-January policy meeting and an MSCI decision linked to digital asset treasury exposure.
Market participants on social media have described the expiry as a key moment for crypto prices.
Analysts say the event highlights the growing role of derivatives in crypto price discovery.
At the time of reporting, Bitcoin price was $88,560.03.