Cryptocurrency options worth $3.16 billion U.S. are set to expire before Christmas, a situation that could lead to more volatility for Bitcoin (BTC), Ethereum (ETH), and other digital assets.
Bitcoin accounts for the majority of the options expirations, with roughly $2.69 billion U.S. worth occurring on Dec. 19.
The max pain level for today’s expiring Bitcoin options sits at $88,000 U.S., placing the spot price just below the strike price. This is where the greatest number of options expire worthless.
At the same time, approximately $473 million U.S. of Ethereum options are expiring.
The options expirations, when traders are required to close out their “call” and “put” positions, typically leads to enhanced volatility for crypto.
Beyond the options expiry, attention is already shifting to 2026 positioning and whether the current downturn in the crypto market will continue.
Bitcoin is currently trading at $88,000 U.S., having declined 30% in the last two months. So far in 2025, the price of BTC has fallen 6%.
