Deribit is set to witness a significant options expiry event on December 26, 2025, with $27 billion in Bitcoin and Ethereum options due to expire. This includes $23.6 billion in Bitcoin options and $3.8 billion in Ethereum options, representing over half of the exchange's open interest in derivatives. As the expiry approaches, institutions are actively rolling positions into January contracts, leading to short-term shifts in options trading data. Traders are closely monitoring these movements, as post-settlement capital flows could have a more substantial impact than immediate price changes.