Q4 options expiry (Deribit), the largest of the year: Friday 25/12/2026 at 15:00 GMT+7
Bitcoin and Ethereum options contracts on Deribit expire at 08:00 UTC (15:00 GMT+7) on the last Friday of the month. End-of-quarter expiries usually carry the largest contract values.
Ahead of expiry, the price is sometimes pulled toward the "max pain" level, where options buyers lose the most. After expiry, volatility can pick up again as hedging positions are unwound.
Quarterly expiries usually involve very large contract values.