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

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【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.

BTC1.24%

ETH1.36%

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MerkleTreeHugger

· 3h ago

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.

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DaoGovernanceOfficer

· 3h ago

$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

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MelonField

· 3h ago

$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.

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NotFinancialAdvice

· 3h ago

$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.

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Ser_APY_2000

· 3h ago

$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.

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AmateurDAOWatcher

· 3h ago

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.

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AirdropHunterKing

· 3h ago

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.

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