$4 Billion in Crypto Options Disappear Today—2026 Bets Surge

Friday is options expiry day, and there has been an increase in derivatives trading in recent weeks, with Binance futures volumes spiking as traders position themselves for a major shift in volatility.

Around 247,000 Bitcoin and Ethereum options contracts are set to expire today. The tranche is less than a third of last week’s expiry event, which saw almost 720,000 contracts written off.

Over $4 Billion in Options Expiry Sparks Volatility Amid Mixed Sentiment

Data on Deribit shows that over $4.07 billion in Bitcoin and Ethereum (ETH) options will expire today. For Bitcoin, the expiring options have a notional value of $3.4 billion and a total open interest of 36,906.

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With a Put-to-Call ratio of 0.91, the maximum pain level for today’s expiring Bitcoin options is $91,000, slightly below the current BTC price of $92,279.

For their Ethereum counterparts, the notional value for today’s expiring ETH options is $668.95 million, with total open interest of 210,304.

Like Bitcoin, today’s expiring Ethereum options have a Put-to-Call Ratio below 1, with Deribit data showing a PCR of 0.78 as of this writing. Meanwhile, the maximum pain level, or strike price, is $3,050, slightly below the current ETH price of $3,180.

The maximum pain point is a crucial metric in crypto options trading. It represents the price level at which most options contracts expire worthless. This scenario inflicts the maximum financial loss, or “pain,” on traders holding these options. 

Notably, today’s expiring Bitcoin and Ethereum options are significantly lower than last week’s. On November 28, BeInCrypto reported that over $15 billion in expiring options was highlighted, featuring 145,482 BTC and 574,208 ETH contracts, with notional values of $13.28 billion and $1.73 billion, respectively.

A PCR below 1 indicates that more Call (Purchase) options are traded than Put (Sale) options. Therefore, this suggests a bullish market sentiment for Ethereum, and bearish sentiment for Bitcoin, which has more Puts than Calls.

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With a PCR of 0.91, Bitcoin’s options market suggests an almost balanced sentiment, with a slight tilt toward hedging or defensive positioning. Traders are cautious but not aggressively bearish on BTC.

This balanced outlook comes as investors speculate whether the market will move higher or are hedging their portfolios in case of a sell-off.

Ethereum has a PCR of 0.78, suggesting more calls than puts, showing stronger bullish positioning.Traders are more optimistic about ETH compared to BTC at this moment.

Options Desks See Stealth Positioning Shift

Despite choppy spot prices, options data points to a quiet but meaningful rotation into mid-2026 maturities, particularly in Bitcoin.

Institutional desks are reportedly increasing call exposure tied to projected rate cuts, ETF demand, and improving liquidity conditions.

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Open interest on derivatives platforms continues to rise, with fresh inflows signaling traders are preparing for a multi-quarter rebound. This aligns with observations from derivatives analytics firm Laevitas.

The data reflect a maturing derivatives market that is increasingly dominated by professional flows.

Analysts Track Bearish Skew—But Bullish Hints Emerge

Despite long-horizon optimism, analysts say near-term sentiment remains conflicted. In a December 2 update, Greeks.live described trader positioning as:

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Greeks.live added that put skew remains elevated, indicating the market still prices in short-term downside:

However, volatility compression, especially in Bitcoin, has opened opportunities in ETH options, where traders see comparatively attractive volatility levels.

Capital Shifts Toward Yield and Preservation

Deribit echoed the broader pivot toward measured, sustainable strategies. As volatility steadily cools and more capital enters the space, traders are shifting from ‘5–10x flips’ toward capital preservation and sustainable yield.

Heading into today’s options expiry, traders should expect some volatility, which could influence short-term price action. However, markets could settle shortly after 8:00 UTC today when the contracts expire on Deribit as investors adjust to new trading environments