$4.5 Billion in Bitcoin and Ethereum Options Set to Expire as Traders Exercise Caution

Nearly $4.5 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are scheduled to expire at 8:00 UTC on December 12, 2025.
This expiration comes at a time when market sentiment is cautious, as traders navigate low liquidity typical of the year-end along with recent macroeconomic developments.

Key Takeaways

Nearly $4.5 billion in Bitcoin and Ethereum options are expiring today.
Bitcoin is trading at $92,249; the max pain level is $90,000.
Ethereum is priced at $3,242, with a max pain level of $3,100.
Traders remain cautious amid low year-end liquidity and recent macroeconomic developments.
The current market shows a balance between call and put options, indicating uncertainty among traders.
Long-term trends for Bitcoin and Ethereum remain positive despite short-term risks.

Traders Prepare for Bitcoin and Ethereum Options Expiration Following Fed Rate Cut

Bitcoin is currently priced at $92,249, with a “max pain” level—suggesting the price at which the largest number of options would expire worthless—at $90,000. At this time, there are 18,974 open call contracts and 20,852 open put contracts, bringing the total open interest to 39,826 contracts. This results in a put-to-call ratio of 1.10, with a notional value of approximately $3.7 billion.

According to Deribit, the balance between call and put interest indicates that traders anticipate a contained expiry, especially after recent price fluctuations. "The clustering around $90,000 shows a market that is waiting for the next catalyst rather than making strong directional bets," they noted.

Currently, Ethereum is trading at $3,242, with a max pain level set at $3,100. The total open interest for ETH is 237,879 contracts, split between 107,282 calls and 130,597 puts, yielding a put-to-call ratio of 1.22 and a notional value close to $770 million.

Analysts from Deribit have observed that while Ethereum’s positioning has become more neutral, the concentration of call options above $3,400 indicates that traders are still pricing in potential volatility.

Market Dynamics: Macroeconomic Factors Influencing Caution

Greeks.live analysts point out that the Federal Reserve’s recent 25-basis-point rate cut, alongside the resumption of $40 billion in short-term Treasury purchases, helps provide liquidity to the market. However, a broad sense of caution still prevails. “To label this as a QE reboot or the beginning of a new bull market would be premature,” they explained, noting that end-of-year periods are historically characterized by weaker liquidity in the crypto market.

There is a notable cluster of open interest around options expiring on December 26, coupled with a downward trend in implied volatility, indicating limited expectations for sharp near-term price movements. The options market displays a consistent negative skew, where puts are trading at a premium to calls. This setup reflects not only a stable spot market that has revived covered-call strategies but also an ongoing weakness that has increased demand for downside protection.

While structural conditions may be soft, Greeks.live advises traders to stay alert for potential upside triggers, although the likelihood of significant price movements appears low.

Weighing Immediate Risks Against Long-Term Trends

Deribit analysts have also pointed to short-term pressures stemming from ETF outflows, MicroStrategy’s struggling premium, and stress among miners. “There are definite risks in the short run… A change in one of those structural factors is needed,” stated Sean McNulty, Derivatives Trading Lead APAC at FalconX.

Despite these immediate challenges, the long-term momentum for both Bitcoin and Ethereum remains robust, suggesting that the upcoming expiry may be manageable unless a new catalyst arises.

As the market anticipates the expiration of $4.5 billion in options, traders seem focused on maintaining balanced positions while keeping an eye on macro liquidity conditions and crypto-specific triggers that could impact movements in the new year.

In the short term, volatility is likely due to the expiring options, which could sway market prices through the weekend. Following this period, traders may find the market stabilizing as they adapt to the evolving trading landscape.