Deribit has more than $27 billion of options expiring on Dec. 26 — about $23.6B in bitcoin and $3.8B in ether, representing over 50% of the exchange's open interest. The put-call ratio is 0.38 with BTC max-pain near $96,000 and ETH max-pain around $3,100, reflecting a call-heavy skew (notably strikes $100k–$116k). The single most popular downside bet is the $85,000 BTC put. Large expiries can spark volatility, though Deribit notes contained implied volatility (BTC DVOL ~45) and thinner holiday liquidity; traders may roll downside protection into January.

Facts: $27B+ of options expire on Dec. 26 ( $23.6B BTC, $3.8B ETH) and account for >50% of Deribit's open interest; put-call ratio is 0.38; BTC max-pain ~ $96k, ETH ~ $3,100; concentrated call open interest at $100k–$116k and most-popular put at $85k. These data points indicate a short-term bullish skew but also a large concentrated expiry that can produce volatility; contained implied volatility (BTC DVOL ~45) and thinner holiday liquidity may temper directional moves. Scores reflect the bullish skew (positive sentiment) and that a >50% OI expiry is a material market event for short-term traders (moderate-high impact) while holiday liquidity and contained IV reduce outright directional conviction.