🎄 Year-End Options Expiry 🎄 This Friday, a massive $28.5B in BTC and ETH options expire on Deribit, the largest expiry on record -representing over half of total open interest - BTC: $23.4B+ notional | Put Call: 0.36 | Max Pain: $96K $1.2B in put OI clustered at $85K, with traders rolling downside protection into January rather than closing risk. ETH: +$3.7B notional | Put Call: 0.45 | Max Pain: $3,100 Positioning reflects caution, not capitulation. Defensive puts are getting rolled forward, while mid-term upside structures toward $100K+ remain intact. Post-expiry flows will matter more than price. Watch positioning. How would the market react to an expiry this big? Disclaimer: Deribit FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for virtual asset exchange services, but does not offer derivatives to retail investors. DRB Panama Inc. is unregulated and serves retail and non-retail investors. Virtual assets are highly volatile, carry significant risk, and may lose full value. They are not insured or protected against potential losses.(Deribit)