TechFlow news, December 26 — GreeksLive Research reported that December 26 marked the largest options expiry in cryptocurrency market history, with nearly $28 billion worth of options contracts expiring. Details include:
- 267,000 BTC options expired, Put Call Ratio at 0.35, maximum pain point at $95,000, nominal value $23.6 billion
- 1.28 million ETH options expired, Put Call Ratio at 0.45, maximum pain point at $3,100, nominal value $3.71 billion
Market context: Bitcoin and Ethereum performed poorly in Q4 2025, experiencing significant price declines, with monthly candles showing four consecutive red bars. Currently, BTC has fallen below the $90,000 psychological level, and ETH has dropped below $3,000. Market sentiment is generally bearish.
Regarding implied volatility, influenced by 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 moderate levels for this year.
Prior to expiry, large options trade volumes and their trading share continued to rise, primarily driven by rollover demand. After expiry, March-dated quarterly options became the largest open interest, accounting for over 30% of total positions, dominated by out-of-the-money call options.
Analysts noted that due to industry cycle factors and slow development, this quarter’s market performance is the worst on record. The current market environment is more suitable for seller strategies.
