Heading into the first weekly expiration day of December, we’re seeing a relatively small number of expiring options. The market’s focus is mainly on the year-end expiration, with positions expiring at the end of December accounting for more than half of the total open interest. This has always been the case historically—year-end expiration is the biggest theme for December options. Q4 options trading volume is typically high, especially for contracts expiring at the end of the year. At the same time, there will be strong demand for rolling positions this month, which will significantly increase open interest for Q1 2026. Year-end BTC call options remain the hottest type of block trades, while ETH block trades are relatively fewer. Looking at the options data, both Skew and IV have dropped significantly, indicating that short-term market panic has subsided. Catching the rebound is currently the mainstream trading strategy. However, in the past two days, there’s also been a notable increase in active purchases of ETH put options, showing that many traders are hedging against a potential ETH drop. Sentiment around ETH still needs time to recover, but Tom Lee’s continued buying might help boost confidence.