A historic $23 billion worth of Bitcoin options is set to expire on December 26, marking the largest expiration event ever recorded for BTC derivatives.
Data reveals that call options are predominantly clustered at higher strike prices, signaling bullish bets, while put options gather around lower strikes, highlighting key support zones. The so-called max pain point—where option holders face maximum losses—is positioned close to current market levels.
This massive expiry surpasses previous records and is expected to trigger significant volatility in Bitcoin’s price. With the holiday season causing thinner liquidity, any position adjustments by traders could lead to pronounced price swings as institutional investors recalibrate their holdings.
According to CoinGlass open interest statistics, traders appear more inclined toward upside exposure rather than downside protection based on the put-to-call ratio. This suggests optimism despite recent trading below recent highs.
Historically, major options expirations have been accompanied by heightened volatility as contracts settle and open interest resets. Market participants anticipate sharp movements near this date due to position unwinding and hedge closures.
The timing during a typically quiet holiday week means reduced market depth may amplify price impacts from large trades even further. Analysts note this event underscores the increasing influence of institutional activity within crypto markets through derivative instruments.
Explaining High-Level Bitcoin Options Expirations. (Dec 22nd, 2025) pic.twitter.com/gBvx1oB6D9
— Coin Guide (William Watson) (@CoinGuideWW) December 22, 2025
This record-breaking expiry highlights how derivatives continue shaping Bitcoin’s market dynamics amid growing participation from professional investors worldwide.