There are an enormous number of Bitcoin options expiring this Friday, December 26, 2025 — marking one of the largest (if not the absolute largest) options expirations in crypto history.
The bulk of the action is on Deribit (acquired by Coinbase last Summer), where approximately $23–$24 billion in Bitcoin options are set to expire. This represents over 50% of Deribit's total open interest and is described across multiple sources as a record-breaking event (often called the "Boxing Day" expiry due to the December 26 holiday). For context, this dwarfs typical monthly expirations and includes a heavy concentration of call options reflecting bullish positioning earlier in the year.
https://www.deribit.com/statistics/BTC/options-data
There is a big spike at 100k, and the next largest is 85k.
The overall bias leans bullish (low put-call ratios like 0.38 on Deribit), but with downside protection via puts. Max Pain levels (where the most options expire worthless) are at $95,000 per coinglass.
https://www.coinglass.com/pro/options/max-pain
We are at 87.7k right now. 95k friday EoD is 7k pop, but then all the options expire and there is nothing as massive as this event pinning btc down from a market maker perspective.
