Derivatives open interest spike during crypto options expiry in global markets
Deribit and CME see positioning shifts into weekly settlements.
New York | January 2, 2026 — Bitcoin and Ethereum options activity picked up Friday on Deribit and CME, as traders managed positions ahead of weekly expiries. Volumes ran above recent averages. Desks across regions reported routine flows.
Open interest held steady on key strikes. Data from exchanges showed moderate turnover. Liquidity stayed ample despite intraday swings.
Sources in Singapore mentioned thinner books on certain tenors. Spot markets absorbed the activity without major strain. Trading volumes edged higher in Europe.
Put/call ratios ticked higher on Deribit BTC contracts, prompting hedging that widened spreads briefly on ETH perpetuals during Asian hours.
Ethereum focus stayed on mid-range strikes. Gamma levels drew attention from desks. London funds made small adjustments.
CME futures saw inflows. Weekly reports will capture the moves. No unusual leverage noted.
OKX and Bybit mirrored the pattern in Asia. Volumes rose modestly. Hong Kong oversight continued as normal.
Exchange data shows BTC options OI stable near $900M notional, ETH at $500M; spot volumes up 10% across majors; perp funding rates near neutral.
Structure remained sound. No disruptions. Volatility metrics moved within bands.
New York analysts tracked the flows. Positioning stayed balanced overall.
Links to broader markets appeared mild. Treasuries and jobs data loomed. Crypto held separate.
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Singapore arbitrage stayed active. Perps saw some rebuilding. Flows normalized.
US and European funds trimmed select exposures amid routine expiry management, per market sources.
EU monitoring persisted. Trading orderly. No alerts.
London desks handled hedges. Basis stayed tight.
Pinning effects drew eyes. Activity contained. OTC cleared smoothly.
Volumes split US 40%, Asia 35%, Europe 25%. Standard pattern.
Clearing passed checks. Margins routine.
Tokyo noted yen activity. Sentiment even. Session wound down.
Markets closed stable. Volumes eased.
Friday’s action sets weekend tone. Desks watched carry.
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Global Markets Desk | DECODE THE CRYPTO
covers global crypto markets, regulation, and institutional trends.