Deribit said in a Dec. 11 post on X that more than $4.3B in BTC and ETH options will expire on Dec. 12 at 8:00 UTC on Deribit, with BTC max pain at $90,000.
Options Expiry Alert.
Over $4.3B in BTC and ETH options expire tomorrow at 8:00 UTC on Deribit.$BTC: Put Call: 1.09 | Max Pain: $90K
BTC positioning is tightly centered around the 90K level. Call and put interest sit in near balance, suggesting traders expect a contained… pic.twitter.com/OblyzyUfIN— Deribit (@DeribitOfficial) December 11, 2025
The post flagged a BTC put/call ratio of 1.09 and described positioning as tightly centered around the $90,000 level, with call and put interest in near balance. It also cited ETH max pain at $3,100. Weekly figures indicate roughly 39,000 BTC contracts (about $3.6B notional) and around 247,000 ETH contracts (about $768M notional) are set to roll off in the same expiry window.
With spot trading still range-bound, the operational focus is whether post-expiry hedging flows stay orderly or reintroduce volatility. Market participants will be watching the tape after 8:00 UTC for any break away from the $90,000 clustering in BTC and for signs that ETH demand shifts following the $3,100 max-pain reference.
Source: Deribit (X post).
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