A massive $6.4 billion bitcoin options expiry on Friday could amplify volatility

Friday’s expiry follows bitcoin’s surge from $62,000 to $80,000, leaving market makers with increased exposure to manage around several key strike prices.

The top 3

  1. Top 3 Largest Bitcoin Options Expiries: The largest Bitcoin options expiry recorded was $23.6 billion on December 26, 2025, followed by approximately $19.8 billion in 2024 and $11 billion in 2023.
  2. Deribit Dominates Bitcoin Options Expiry Volume: Deribit consistently holds the largest market share for Bitcoin options, often accounting for approximately 85% of BTC and ETH options open interest, making it the primary venue for major expiry events.
  3. Understanding 'Max Pain' in Bitcoin Options Expiry: The 'max pain' price is the strike price at which the largest number of options contracts will expire worthless, often acting as a gravitational pull for Bitcoin's price as market makers adjust their hedges.

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