Boxing Day Bonanza: $27 Billion in Bitcoin and Ether Options Set for Year-End Reset
On December 26, 2025, the Boxing Day expiry will see approximately $27 billion in bitcoin and ether options settling on Deribit, with $23.6 billion in BTC options and $3.8 billion in ETH options involved. This expiry accounts for over 50% of Deribit's total open interest, indicating a potential systemic impact despite currently calm market conditions.
The market sentiment is bullish, with call options outnumbering puts by roughly 3-to-1 and a put-call ratio around 0.38. As of press time, bitcoin is priced at about $89,702.48 and ether at approximately $3,038.14. The 'max pain' points—where options buyers stand to lose the most and sellers to profit—are near $96,000 for BTC and around $3,100 for ETH.
Open interest is primarily concentrated in call strikes ranging from $100,000 to $116,000, while the most popular bearish bet is the $85,000 put. Puts between $70,000 and $85,000 are being rolled forward into January expiries, and it remains uncertain whether December puts will expire given year-end risk factors.
Volatility metrics reflect reduced market anxiety, with Deribit's DVOL around 45, down from 63 in late November. Deribit anticipates the Boxing Day expiry to be relatively orderly compared to last year, helped by thinner liquidity and ongoing macroeconomic uncertainty.
