Today marks the last and the largest options expiration of the year — and the biggest in history — for BTC and ETH, with total notional value exceeding $27 billion ($23.6B in BTC options and $3.8B in ETH options).

The key area of interest for BTC is the $96,000 strike, where positioning is concentrated. The put/call ratio stands at 0.38, indicating predominantly bullish bets.

* Deribit (recently acquired by Coinbase) is the world’s largest crypto options exchange, accounting for over 85% of global crypto options activity.

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