2025-12-26 12:27:44

December 26 marks a watershed moment for crypto derivatives—the largest options expiry on record is hitting the books. We're talking nearly $28 billion in notional value unwinding in a single day. That's massive.

Breaking it down: 267,000 BTC options are expiring with a put/call ratio sitting at 0.35. Translation? Calls dominate, suggesting bullish positioning. The max pain level lands at $95,000—the price point that inflicts maximum pain on option holders.

Meanwhile, 1.28 million ETH options are rolling off, carrying their own put/call ratio into the mix. This kind of notional volume creates genuine price pressure. When this much leverage unwinds simultaneously, market participants watch closely for where price settles post-expiry. The Greeks don't lie—they just tell you who's winning.

BTC-1.09%

ETH-1.13%

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NotAFinancialAdvice

· 5h ago

2.8 billion USD liquidation, the 95,000 max pain might just be the price tomorrow, are the gamblers ready? --- So many calls... the bears are probably going bankrupt, but I don't believe it will be that simple. --- Every time large options expire, it's a blood moon. How many people will die this time? --- The question is, who the hell can predict what will happen after 95,000? That's the key. --- 1.28M Ethereum options... feels like a dump, experienced traders all know. --- "Greeks don't lie," but traders do, haha. --- The show is about to begin, everyone get ready for the 26th. --- Isn't the call ratio so exaggerated that it's really not scary, or am I the only one who thinks it's dangerous? --- 28 billion leverage wiped out in one day... the bear market is coming, right? --- Max pain stuck at 95K, so just bet it won't reach that.

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GasOptimizer

· 5h ago

2.8 billion USD wiped out in one go, this time really watching the show, 95k is the real pain point --- Call options are crushing puts, these people are really betting on a rise, who will get proven wrong --- ETH options are also being dumped, whether this liquidity wave will explode or stabilize, it all depends on December 26 --- Every major expiry reveals who is naked swimming, Greeks never lie haha --- 1.28 million ETH options + 267,000 BTC, if this leverage loosens together, the market will go crazy --- Max pain is at 95k, I just want to know if it can break through, otherwise these call buyers will be fools --- This is the real stress test, with such a large notional volume, the price can't hide anywhere --- Oh my god, 2.8 billion just unwound like that, contract traders are probably praying now

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DeFiChef

· 5h ago

$2.8 billion liquidated in one day, this show is really worth watching. The call options should have been smashed long ago. 95k max pain—are they trying to squeeze out the bears or suppress the bulls? Anyway, us retail investors are just destined to be harvested. On ETH, there are 1.28 million options; it feels like there will be a big move.

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MetaLord420

· 6h ago

28 billion dollars爆发 in one day, this is getting interesting haha --- 95000 really is max pain? Why do I feel like these market makers are digging a trap again --- Call dominance indicates everyone is still bullish, but I’m just worried about a black swan on December 26 --- 1.28M ETH options closing together? Liquidity will explode --- The Greeks don’t lie, right? Then it’s just a matter of whose position is strong enough --- Feels like my small position is just dust in this wave --- Put/Call 0.35 is indeed skewed enough, but whether this is the final trap or a real push up, I really don’t dare to bet

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