Over $28.5 billion in Bitcoin and Ethereum options are scheduled to expire Friday on Deribit, representing the largest expiration in the derivatives exchange's history.
Bitcoin News
Bitcoin slipped under $88,000 during U.S. trading on Monday after climbing above $90,000 earlier in the session. Ethereum also retreated below $3,000 as crypto assets moved steadily lower through the afternoon.
Over $28.5 billion in Bitcoin and Ethereum options are scheduled to expire Friday on Deribit, representing the largest expiration in the derivatives exchange's history. That amount accounts for more than half of Deribit's $52.2 billion in total open interest.
Jean-David Pequignot, Deribit's chief commercial officer, said the year-end expiry marks the culmination of a year defined by institutional maturity. He characterized the shift as moving from speculative cycles to a policy-driven supercycle.
The $96,000 level represents maximum pain for Bitcoin, where option writers stand to benefit most. Notable concentration exists at the $85,000 strike in puts, with $1.2 billion in open interest that could pull spot prices lower if selling pressure builds.
Midterm call spreads targeting $100,000 to $125,000 remain in play, but short-term protective puts have become more expensive. The skew between call and put pricing has dropped from recent highs while still indicating caution among traders.
Traders appear to be rolling defensive positions forward rather than closing them out completely. There has been a shift from December’s $85,000 to $70,000 puts into January’s $80,000 to $75,000 put spreads, suggesting coverage of immediate year-end risk while maintaining wariness about 2026.
Some crypto-related stocks held gains despite the price action. Hut 8 shares rose 16% Monday following a 15-year AI data center lease with Fluidstack, helped by a price target increase from Benchmark analyst Mark Palmer.
Coinbase and Robinhood traded in positive territory, though both retreated from session highs as cryptocurrency prices pulled back. Strategy swung from a 3% gain to a modest loss late in the day.
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