Entering the first weekly expiry day of December, we see that the number of expiring options is not large, and the market’s focus is mainly on the year-end expiry, with more than half of the total open interest concentrated in late December.

Historically, this has also been the case—the main theme of December options trading is the annual expiry. Options trading volume in Q4 is high, especially for contracts expiring at year-end. At the same time, there will be strong demand for position rolling this month, which will cause a significant increase in open interest for Q1 2026.

BTC call block options expiring at year-end remain the most popular type of block trade, while large ETH block trades are relatively few.

From the options data, both skew and IV are declining significantly; short-term panic in the market has subsided, and capturing rebounds is currently the mainstream trading strategy. However, in the past two days, the share of active ETH put option purchases has also been relatively high, with many traders hedging against a drop in ETH. Sentiment recovery for ETH still needs time, and continued buying by Tom Lee may help boost confidence.