Bitcoin and Ethereum opened Wednesday’s trading session in the derivatives market with strong momentum, as traders prepare for one of November’s biggest options expirations on Deribit. At $87,278 for Bitcoin and $2936 for Ethereum, both assets are well below their all-time highs at expiration.
This week, approximately 150,000 BTC in open interest, worth approximately $13,19 billion, expires. The maximum risk level is $101,000, indicating a significant gap between the spot price and the level at which option writers incur minimal losses. The put/call ratio is 0,61, reflecting the continued market bias toward call options despite the recent market decline.
Bitcoin Options Open Interest for November 26, 2025. Data from coinglass.com.
Deribit’s open interest ranking shows that call-dominated positions are concentrated between the $100,000 and $140,000 strikes expiring in December 2025. Calls at $100,000 and $112,000 are leading the way, representing over 15,000 BTC each. The top positions are significantly lower, with the largest number of trades at $85,000. Puts are not absent, but they lack the gravitational pull seen at higher call strikes above spot.
In the 24-hour trading volume rankings, short-term expirations of both calls and puts remain highly popular. Short-term $85,000 puts and $100,000 calls dominate trading, indicating that traders are bracing for volatility but not abandoning the long-term upside implied by the December 2025 strikes.
Par value of options Ethereum The current price of ETH at expiration on Friday is $1,66 billion. The maximum pain level is recorded at $3400, which is significantly higher than the current spot value of $2936. The put/call ratio of 0,50 demonstrates a more pronounced call bias in ETH compared to BTC.
The highest open interest is seen in high-priced call options, primarily at the $6000, $4000, and $5000 strikes, each representing over 50,000 ETH. Puts are clustered around $2600 and $3000, but they are still lighter than the towering call blocks that define the ETH options landscape.
Open interest in options Ethereum as of November 26, 2025, according to coinglass.com.
In 24-hour volume, both call and put options are showing balanced activity, although calls have a slight edge. The most active trades are occurring at a premium on shorter maturities, particularly near $2650 and $3000, suggesting traders are preparing for a potential rebound in spot options or a surge in volatility ahead of Friday.
The maximum pain point for ETH is $3400, and this figure is becoming increasingly relevant as open interest grows for both long- and short-term expirations. Charts show a steady increase in open interest in ETH options over the course of the year, even during periods of market cooling, indicating continued institutional investor activity.