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BlockBeats News, December 26th, Greeks live macro researcher @BTC__options stated that today is the annual options expiration day, also the largest cryptocurrency options expiration day in history, with a total notional value of approximately $28 billion. Among them, Bitcoin BTC has 267,000 options expiring, a Put/Call ratio of 0.35, a maximum pain price of $95,000, and a notional value of approximately $23.6 billion; Ethereum ETH has 1.28 million options expiring, a Put/Call ratio of 0.45, a maximum pain price of $3,100, and a notional value of approximately $3.71 billion. Today, over half of the options have been settled. Before the settlement, the volume and trading share of option blocks continued to rise, mainly driven by the need for position changes; after the settlement, quarterly options expiring in March became the largest position, accounting for over 30% of the total position, mainly dominated by out-of-the-money call options. The market performance in the fourth quarter of this year can be said to be the worst in recent years. Due to industry cyclicality and slow development, market sentiment is poor, making it more suitable for seller strategies.

According to Odaily, Greeks.live macro researcher Adam posted on X: 267,000 BTC options are expiring, with a Put Call Ratio of 0.35, a max pain point at $95,000, and a notional value of $23.6 billions. 1.28 million ETH options are expiring, with a Put Call Ratio of 0.45, a max pain point at $3,100, and a notional value of $3.71 billions. This year marks the annual expiration date, which is the largest cryptocurrency options expiration in history, with nearly $28 billions in options expiring. Bitcoin and Ethereum prices fell sharply in the fourth quarter of this year and only stabilized at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has dropped below the $3,000 mark, with four consecutive monthly declines, and market sentiment remains subdued. Looking at the main options data, implied volatility has been affected by declining volatility and factors such as the Christmas holiday. The main term IV for BTC averages around 40%, while for ETH it is around 60%, both of which are considered moderate levels for this year. Today, more than half of the options have been settled. Before settlement, block trading volume and the proportion of options trading continued to rise, mainly due to the need for position rolling. After settlement, the quarterly options expiring in March have become the largest position, accounting for more than 30% of total open interest, mainly consisting of out-of-the-money call options. The fourth quarter market this year can be described as the worst in history. Due to cyclical factors in the industry and slow development, market sentiment is poor, making it more suitable for seller strategies.

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.