TL;DR:
- About 31,000 Bitcoin options worth roughly $2.7B expire at 08:00 UTC on Dec. 19 today, a smaller event that still signals positioning.
- Max pain is cited near $88K with a 0.8 put call ratio; open interest clusters at $100K ($2.3B) and $85K ($2.1B), with total BTC OI at $52.5B.
- ETH adds 155K contracts ($460M), while market cap is below $3T and BTC dipped to $84.5K before $85K.
Crypto traders head into Friday’s derivatives checkpoint with about 31,000 Bitcoin options set to expire at 08:00 UTC on Dec. 19, carrying roughly $2.7 billion in notional value. A smaller expiry still functions as a positioning readout, because strike clustering can influence dealer hedging even when spot markets are sliding. The batch was described as smaller than average, yet it lands after a week of downside pressure again. The sell off has been linked to another Chinese Bitcoin mining crackdown, delayed U.S. crypto market regulation, and fears the Bank of Japan could hike rates.
🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, around $3.18B in crypto options are set to expire on Deribit.$BTC: $2.72B notional | Put Call: 0.81 | Max Pain: $88K
BTC open interest is concentrated around 88K, with slightly heavier put positioning, pointing to a relatively… pic.twitter.com/wW8ZYXYCsx
— Deribit (@DeribitOfficial) December 18, 2025
Pressure points into expiry
Expiry metrics map clear pressure points. Max pain is cited near $88,000 and the put call ratio is about 0.8, implying slightly more calls than puts into the close. Open interest is heaviest at $100,000, with about $2.3 billion concentrated at that strike on Deribit. There is also roughly $2.1 billion parked at $85,000, a level touched during the week. Across all venues, total BTC options open interest is $52.5 billion, keeping the options market key to near term expectations. Deribit said interest clusters around $88K and expiry stays contained unless spot breaks range.
Ethereum adds a parallel risk envelope to the same window. About 155,000 ETH contracts expire with roughly $460 million in notional value, while max pain is near $3,100 and the put call ratio is around 1.1. Total ETH options open interest across exchanges is about $11 billion and has been falling since late August, pointing to lighter positioning. Deribit commentary described ETH interest as spread across strikes, with notable upside demand above $3,400 that could matter if volatility reaccelerates into year end. Together, BTC and ETH expiries total about $3.2 billion in notional Friday.
Spot action remains the swing factor after derivatives roll off. Total crypto market capitalization has fallen below $3 trillion, the lowest level since April, and the price tape has struggled to rebuild momentum. Bitcoin dipped to about $84,500 before reclaiming $85,000 during Friday morning Asian trading, signaling a market still reacting to supply overhead. Ether briefly slipped below $2,800 while holding near that level. Altcoins took heavier hits, with XRP, Solana, and Cardano each down more than 4% on the day. The market was described as structurally weak, with analysts expecting further losses ahead.
