Around 37,000 Bitcoin options contracts will expire on Friday, December 5th, with a notional value of roughly $3.4 billion. While this expiry event is smaller than recent ones, experts are predicting it could have some impact on the spot market’s price action. After Monday’s sell-off and quick recovery, spot markets have stabilized somewhat. The US government’s economic data flow, including labor market reports, has provided a mixed outlook, which is seen as positive for expectations of a Federal Reserve rate cut next week. The probability of a 0.25% rate cut on December 10th now stands at 87% according to CME futures. This expiry event highlights the growing influence of institutional participation in the Bitcoin options market. Options markets have witnessed significant growth driven by institutions, with Deribit’s BTC options volume hitting its highest monthly peak in October 2025 at 1.49 million contracts. This signifies an increase in institutional involvement and activity in the market. The put/call ratio for Bitcoin options currently stands at 0.94, suggesting a nearly equal distribution between longs and shorts. The anticipated maximum pain for this expiry is estimated to be around $91,000. As far as Ethereum’s options are concerned, 210,000 contracts will expire on Friday with a notional value of $667 million. The impact of these expirations suggests that the market may witness significant changes in price activity. Overall, it remains to be seen whether this specific expiry event will have a noticeable and lasting effect on Bitcoin’s prices. 210,000 Ethereum contracts also expire Friday with a notional value of $667 million. The put/call ratio for these contracts is 0.78. The combined crypto options expiry notional value on Friday is estimated at around $4 billion.