Deribit $3.18B BTC/ETH options expired on Dec 19; $23B slated for Dec 26

On December 19, $3.18B in BTC and ETH options expired on Deribit, with BTC notional around $2.7B and max pain near $88,000. Positioning showed heavier puts below $91,000 and notable liquidity at $85,000. Another roughly $23B of options are scheduled to expire on December 26, as open interest remains subdued near $39B in Q4.