Historic $28B Options Settlement: What Traders Need to Know About Today's Crypto Market Movement

December 26 witnessed an unprecedented milestone in cryptocurrency derivatives markets. According to on-chain research shared by prominent macro analyst @BTC__options, the day’s options expiry reached the largest scale on record, with notional value totaling approximately $28 billion—a moment that carries significant implications for live crypto prices and broader market positioning.

The breakdown reveals distinct dynamics across major cryptocurrencies. Bitcoin options contracts showed 267,000 positions expiring, characterized by a put/call ratio of 0.35 and a maximum pain level situated at $95,000. This skew toward call options suggests bullish market positioning among options traders. Meanwhile, Ethereum’s picture appeared even more pronounced, with 1.28 million expiring options displaying a put/call ratio of 0.45 and a maximum pain point anchored at $3,100.

More than half of these positions settled as expected, reshaping the landscape for derivative traders. The real insight emerges in what followed: March-expiring quarterly options emerged as the new dominant force, commanding over 30% of total open interest across the market. Notably, these positions lean heavily toward out-of-the-money call options, reflecting trader expectations about potential upside moves in the coming months.

For active traders and market participants, this settlement cycle underscores several key takeaways. The concentration of bullish call options in March contracts indicates prevailing optimism about recovery potential, while the put/call ratios suggest asymmetric risk positioning. As live crypto prices continue to respond to macro conditions and on-chain activity, these options structures will likely influence volatility patterns and price discovery mechanisms through the first quarter.