Deribit's December 26, 2025 BTC and ETH options expiry hits record $28B notional

On December 26, 2025, BTC and ETH options on Deribit saw a record year-end expiry with around $28B in notional value, covering monthly, quarterly, and annual contracts. The event impacted more than half of the exchange's open interest, with BTC's $23.6B notional and ETH's $3.71B notional highlighting heavy downside protection and expectations of possible volatility.