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Bitcoin Options Expiry Highlights Max Pain Around $91K Amid Stable Markets
Bitcoin and Ethereum Options – Around 37,000 Bitcoin options contracts are set to expire on Friday, Dec. 5, carrying a notional value of approximately $3.4 billion. Despite the sizable figure, this expiry is much smaller than recent events, and analysts expect minimal impact on spot markets, which have stabilized after Monday’s sell-off and swift recovery.
This week’s Bitcoin options show a put/call ratio of 0.94, indicating nearly balanced positions between longs and shorts. Max pain sits around $91,000, while open interest (OI) is concentrated at $100,000, representing $2.7 billion on Deribit alone. Short sellers are also targeting $80k and $85k strikes, holding nearly $2 billion in OI. Total Bitcoin options OI across all exchanges stands at $55 billion, highlighting the growing influence of institutional participants in 2025.
Ethereum Options Also in Focus
Alongside Bitcoin, Ethereum options see roughly 210,000 contracts expiring, with a notional value of $667 million, max pain at $3,050, and a put/call ratio of 0.78. Combined, Friday’s crypto options expiry reaches around $4 billion, underscoring significant institutional exposure.
Market Sentiment and Spot Outlook
US economic data has painted a slightly gloomy picture of the labor market, fueling expectations for a Federal Reserve rate cut next week, with CME futures assigning an 87% probability of a 0.25% cut on Dec. 10.
Meanwhile, spot markets have retreated slightly, with total crypto market cap falling 1.7% to $3.23 trillion. Bitcoin struggled to break resistance at $93,000, while Ether hovers around $3,177, unable to surpass its $3,200 resistance. Altcoins, including XRP, Solana, and Hyperliquid, have faced heavier losses, reflecting broader market caution.
Institutional Growth Drives Options Markets
October and November 2025 marked record monthly volumes for Bitcoin options on Deribit, with 1.49 million and 1.33 million contracts, respectively. Year-to-date, Bitcoin options trading totals 10.27 million contracts, a 36% increase from 2024, signaling robust institutional participation. Traders remain cautiously bullish, weighing BTC term structures and put skew against the choppy price action.
