【December 26 Options Expiration Data】

267,000 BTC options are expiring, with a Put Call Ratio of 0.35, a maximum pain point at $95,000, and a notional value of $23.6 billion.
1.28 million ETH options are expiring, with a Put Call Ratio of 0.45, a maximum pain point at $3,100, and a notional value of $3.71 billion.
Today is the annual expiration date, the largest cryptocurrency options expiration in history, with nearly $28 billion in options expiring. Bitcoin and Ethereum prices have plummeted in the fourth quarter of this year, only stabilizing at the end of the year. Currently, BTC has fallen below the $90,000 mark, and ETH has dropped below $3,000. The monthly chart shows four consecutive bearish candles, and market sentiment is relatively subdued.
From the main options data, implied volatility (IV) has been affected by factors such as declining volatility and the Christmas holiday. The main-term IV for BTC is around 40%, and for ETH around 60%, both considered medium levels this year.
More than half of the options are settled today. Before settlement, trading volume and trading share of large options transactions continued to rise, mainly due to repositioning needs; after settlement, the quarterly options expiring in March hold the largest open interest, accounting for over 30% of total open interest, primarily out-of-the-money call options.
The fourth quarter of this year can be considered the worst in history, due to industry cycle factors and slow development, market sentiment is poor, making it more suitable for seller strategies.