Data: Largest annual cryptocurrency options expiration day, nearly $28 billions in options settle today

According to TechFlow, on December 26, GreeksLive Research Institute published an article stating that December 26 marks the largest options expiration day in the history of the cryptocurrency market, with nearly $28 billion worth of options contracts expiring. Details include:

• 267,000 BTC options expiring, Put Call Ratio at 0.35, maximum pain point at $95,000, with a notional value of $23.6 billion
• 1.28 million ETH options expiring, Put Call Ratio at 0.45, maximum pain point at $3,100, with a notional value of $3.71 billion

In terms of market background, both Bitcoin and Ethereum performed poorly in the fourth quarter of 2025, with prices dropping sharply and four consecutive monthly declines. Currently, BTC has fallen below the $90,000 mark, and ETH has dropped below the $3,000 mark, with overall market sentiment remaining depressed.

Regarding implied volatility, influenced by factors such as declining volatility and the Christmas holiday, BTC's main term IV averages around 40%, while ETH's main term IV is around 60%, both considered medium levels for this year.

Prior to expiration, block trading volume and the proportion of options trading continued to rise, mainly due to the need for position rolling. After expiration, quarterly options expiring in March became the largest position, accounting for over 30% of total positions, mainly consisting of out-of-the-money call options.

Analysts pointed out that due to industry cycle factors and slow development, the fourth quarter of this year has been the worst-performing quarter in history, and the current market environment is more suitable for adopting seller strategies.