Annual Options Expiration Day: $28 billion in volume sets a record, BTC and ETH trends diverge

DAOplomacy · 2025-12-26T08:36:10+00:00

The annual options expiration day set a record of $28 billion, with Bitcoin and Ethereum options expiring showing a clear bullish sentiment over bearish. After the expiration, quarterly options account for over 30%, and with the overall market being weak, seller strategies are more profitable.

DAOplomacy

2025-12-26 08:36:10

Abstract generation in progress

【Blockchain Rhythm】Yesterday was the annual options expiration day, and it also set a new record in the history of cryptocurrency options. How large was this expiration? The total notional value directly reached $28 billion.

Specifically: Bitcoin had 267,000 options expiring, with a Put/Call ratio of only 0.35, indicating a clear bullish sentiment over bearish. The maximum pain point was at $95,000, with the entire Bitcoin options’ notional value approximately $23.6 billion. Ethereum’s situation was different, with 1.28 million options expiring, a Put/Call ratio of 0.45, and the maximum pain point near $3,100, with a notional value of about $3.71 billion.

The changes before and after expiration are worth noting. Before expiration, the volume of block trades and trading share continued to rise, mainly driven by institutional and large investor repositioning needs. After expiration, interestingly, quarterly options expiring in March became the new main holdings, accounting for over 30%, with these positions mainly in out-of-the-money call options.

From the overall market trend, the performance in the fourth quarter has indeed been relatively weak, making it the worst quarter in recent years. The combination of cyclical factors and a slowdown in industry development pace has led to a noticeable softening of market sentiment. In this environment, seller strategies tend to be more profitable.

BTC-0.66%

ETH-1.07%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

24 Likes

Reward
24
10
Repost
Share

Comment

0/400

TokenTaxonomist

· 2025-12-27 05:20

280B notional? per my analysis, that put/call skew on btc tells the real story here... 0.35 is basically screaming "retail finally capitulating to the bullish thesis" tbh. eth's 0.45 though? statistically speaking, that's where the actual uncertainty lives. data suggests otherwise to what these headline numbers want you to believe fr

Reply0

OptionWhisperer

· 2025-12-27 02:06

$28 billion? Damn, that's an incredible number. The bullish sentiment for BTC is so strong, the shorts must be suffering a lot. Institutions are moving their positions wildly, indicating they're preparing for the next wave. ETH isn't as arrogant about it. March options are being taken up; let's wait and see how it unfolds.

View OriginalReply0

RugPullAlarm

· 2025-12-26 17:30

Is 28 billion just like that? Check if there are any unusual movements in the large holder addresses; the concentration of funds needs to be analyzed. I've seen the institution rebalancing trick many times; the true intention must be revealed by on-chain data. The 0.35 bullish ratio for BTC is indeed aggressive, but ETH at 0.45 is already showing divergence—there's something fishy. The pain point at 95,000 feels too manipulated, like someone is laying in ambush; we need to stay alert. Quarterly options in March? The pace of this transfer demand is a bit strange. Are the big players planning to run away? A record scale of 28 billion... every time there's a "new all-time high," it's the most dangerous. I'm really anxious.

View OriginalReply0

MerkleTreeHugger

· 2025-12-26 09:06

280 billion? Wow, this number is incredible. With such strong bullish sentiment on BTC, are they really not afraid of a dump? The institutions are really playing hard, even before and after delivery they have to shuffle positions. Isn't that exhausting? On ETH, there are 1.28 million options... It feels like Bitcoin is the main character, while Ethereum is just a sidekick. With such strong bullish sentiment, could 95,000 just be a trap? 🤔 This delivery volume is breaking records, and the next quarter will probably be even more intense. Put/Call ratio is only 0.35? Does the market really see no one shorting BTC? Moving to March options? What are the institutions planning again... $28 billion in delivery, it all depends on who ends up taking the high-position risk at the end.

View OriginalReply0

DaoGovernanceOfficer

· 2025-12-26 09:03

$280B notional is wild but let's be real—put/call ratios this skewed just scream institutional positioning, not actual market conviction. data says btc holders r just front-running the narrative rn

Reply0

MelonField

· 2025-12-26 09:00

$28 billion settlement, it looks like the institutions are playing big again. The bullish sentiment for BTC is getting intense. ETH is being hammered, with such a large put/call difference, it feels like someone is manipulating the market. At the $95,000 level... familiar tactics, just waiting to harvest the retail investors. After repositioning their portfolios, institutions are entering March options again. Are they about to make a move? Major players are quietly positioning themselves, while I, as a retail investor, am still sitting on the sidelines.

View OriginalReply0

NotFinancialAdvice

· 2025-12-26 08:59

$28 billion? That's indeed a top-tier scale. With such strong bullish sentiment on BTC, the institutions are really not hiding anything. The institutions are moving their positions aggressively, it feels like the next market cycle has already been decided. ETH remains the same, constantly suppressed. When will it turn around? March options relay, this rhythm is quite interesting, need to keep an eye on it.

View OriginalReply0

Ser_APY_2000

· 2025-12-26 08:56

$28 billion, still a bit crazy... The bullish sentiment for BTC is so strong, I'm just worried about a flash crash after settlement. Institutions are repositioning, and us retail investors are just waiting to be harvested. Why isn't ETH as arrogant as BTC... feels a bit off. Right after the settlement day, they go straight into March contracts, this rhythm is really top-notch. Looking at the Put/Call ratio, big players are uncertain, otherwise they wouldn't be adjusting their positions so complicatedly. That $95,000 pain point feels like a trap... Quarterly options relay, this tactic is full of tricks.

View OriginalReply0

AmateurDAOWatcher

· 2025-12-26 08:54

Are all the $28 billion in settlements really taken by institutions? --- BTC's Put/Call ratio is only 0.35, is it about to break through 95k? --- Ethereum's 1.28 million options seem to have been arranged quite clearly. --- Are big players moving positions in advance? Hmm... March quarterly options are coming again. Who will be the last to be cut this time? --- With such a strong bullish sentiment, why do I always feel something's off? --- After the $28 billion settlement, attention will turn to March again. Is this a cyclical pattern of cutting the leeks? --- The lower the Put/Call ratio, the more dangerous it is. Is that true? --- Institutional big players are moving positions, while retail investors still think the market is about to skyrocket.

View OriginalReply0

AirdropHunterKing

· 2025-12-26 08:41

A $28 billion settlement, this scene really lived up to the hype. The bullish momentum on BTC is overwhelming, with a Put/Call ratio of just 0.35, clearly showing what institutions are doing. ETH, on the other hand, isn't as strong, with a 0.45 ratio indicating someone is hedging risks. --- The pain point at $95,000, I bet BTC will be bouncing around here in the next few days. Big players have already moved their positions to March, and I, as a small retail investor, still need to keep studying and avoid following the herd to lose everything. --- I've seen too many instances of institutions moving positions; the rhythm before and after settlement is always on point. With a scale of $28 billion, you really need to watch your wallet and avoid being shaken out. --- Once the Put/Call ratio hits this number, you can tell who is bottom-fishing and who is cutting losses. A 0.35 ratio for BTC indicates this round's confidence is quite solid, unlike the previous weak signals. --- Are quarterly options becoming the new main force? That's old news; institutions love to manipulate the market this way. Small investors like us can't keep up with the rhythm, so it's better to just stick to regular dollar-cost averaging. In front of $28 billion, individual operations are just gambling.

View OriginalReply0

Trending Topics
View More
#
GateFun马勒戈币Surges1251.09%
10.65K Popularity
#
GateSquareCreatorNewYearIncentives
34.22K Popularity
#
NonfarmPayrollsComing
7.75K Popularity
#
DailyMarketOverview
6.65K Popularity
#
IstheMarketBottoming?
91.44K Popularity

Hot Gate Fun
View More

1
FuckMe
用力不要停
MC:$3.66KHolders:2
0.95%
2
我赶上了赶上了来，你咋没
我赶上了
MC:$3.51KHolders:1
0.00%
3
海豹舞
SEALDANCE
MC:$3.53KHolders:2
0.00%
4
WCNMB
卧槽尼马币
MC:$3.58KHolders:2
0.00%
5
芝麻管理员
芝麻管理员
MC:$3.55KHolders:2
0.00%

Sitemap

Annual Options Expiration Day: $28 billion in volume sets a record, BTC and ETH trends diverge

Trending Topics

GateFun马勒戈币Surges1251.09%

GateSquareCreatorNewYearIncentives

NonfarmPayrollsComing

DailyMarketOverview

IstheMarketBottoming?

Hot Gate Fun

FuckMe

用力不要停

我赶上了赶上了来，你咋没

我赶上了

海豹舞

SEALDANCE

WCNMB

卧槽尼马币

芝麻管理员

芝麻管理员

Pin

Your First Words Matter!
Share your first post on and split $10,000 in New Year rewards.
Post with #My2026FirstPost to share your New Year wish
2026U Position Voucher, Gate New Year boxes, F1 Red Bull merch await you!
Ends on Jan 15, 2026, 16:00 UTC
2026 starts with this post!

Annual Options Expiration Day: $28 billion in volume sets a record, BTC and ETH trends diverge

Trending Topics

GateFun马勒戈币Surges1251.09%

GateSquareCreatorNewYearIncentives

NonfarmPayrollsComing

DailyMarketOverview

IstheMarketBottoming?

Hot Gate Fun

FuckMe

用力不要停

我赶上了赶上了来，你咋没

我赶上了

海豹舞

SEALDANCE

WCNMB

卧槽尼马币

芝麻管理员

芝麻管理员

Pin

Your First Words Matter! Share your first post on and split $10,000 in New Year rewards. Post with #My2026FirstPost to share your New Year wish 2026U Position Voucher, Gate New Year boxes, F1 Red Bull merch await you! Ends on Jan 15, 2026, 16:00 UTC 2026 starts with this post!

Your First Words Matter!
Share your first post on and split $10,000 in New Year rewards.
Post with #My2026FirstPost to share your New Year wish
2026U Position Voucher, Gate New Year boxes, F1 Red Bull merch await you!
Ends on Jan 15, 2026, 16:00 UTC
2026 starts with this post!