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$3 Billion Options Expires: BTC and ETH Under Scrutiny
The fact that approximately $3 billion worth of Bitcoin and Ethereum option contracts are set to expire on the same day has drawn attention to derivatives in the cryptocurrency markets. Bitcoin's recent positioning above critical technical levels has made this large option expiry even more significant. However, data from the options market shows that the rise is not yet universally accepted as a strong bull breakout.According to Deribit data, as of January 16th, the total volume of options expiring is approximately $2.84 billion. The majority of this amount is Bitcoin-related. While the total size of Bitcoin options is around $2.4 billion, this figure is limited to approximately $437 million for Ethereum. The resulting picture clearly shows that market interest and risk perception are predominantly focused on Bitcoin.Cautious optimism on the Bitcoin frontThe Bitcoin price is trading above $95,000 at the time of writing. This level is significantly above the $92,000 threshold, known as the "maximum pain" in the options market. The maximum pain level is considered the price point at which most contracts will become worthless at expiry, and prices often tend to move towards this level. A move away from this threshold indicates that volatility may increase before the expiry date. Despite this, the option position distribution suggests that investors are still taking downside risks seriously. On the Bitcoin side, the number of put contracts exceeds the number of call contracts. The put/call ratio remaining above 1 indicates that hedging positions outweigh other upward movements.From a technical perspective, if Bitcoin makes a sustained daily close above $94,300, the psychological $100,000 level could come back into play. However, if this support is lost, there is a risk that the price will return to the long-standing horizontal band.Ethereum shows a calmer pictureOn the Ethereum side, a more balanced and uncertain picture is evident. The ETH price is hovering around $3,300 and is only slightly above the maximum pain level of $3,200. In the options market, call and put contracts are almost equally distributed, revealing that the market has not reached a clear consensus on a specific direction.Ethereum's difficulty in breaking the $3,400 resistance level shows that this indecision is reflected in its price movements. Although there are attempts at upward movement, it is difficult to speak of a strong and sustainable trend yet.Institutional interest focused on BitcoinInstitutional activity in derivative markets also highlights the difference between the two assets. According to data shared by the market analysis platform Greeks.live, a significant portion of large-scale transactions occur on the Bitcoin side. Institutional block transactions constitute more than 40% of the total volume in Bitcoin, while this rate remains more limited in Ethereum.Analysts point out that despite this activity seen in Bitcoin, futures trading volumes have not shown a strong increase. In addition, the fact that implied volatility has not increased significantly strengthens the interpretation that a structural bull period has not yet begun in the derivatives market. Possibility of post-expiration volatilityFollowing today's large option expiration, there is a possibility that prices may head towards their maximum levels in the short term. Market volatility during this period would not be surprising. However, as in past examples, it is also likely that the market will calm down relatively after the expiration and begin searching for a new equilibrium.
ETH Treasury Company Bitmine Invests in MrBeast's Company
Ethereum-focused treasury company BitMine Immersion Technologies has decided to make a strategic $200 million investment in Beast Industries, founded by MrBeast, known as one of YouTube's biggest content creators. The deal, announced on Thursday, directly connects one of the largest Ethereum treasuries in the crypto world with a content and consumer brand ecosystem that reaches millions globally.What is Beast Industries?Beast Industries, led by Jimmy Donaldson, manages a broad business structure that extends beyond content creation. The company brings together consumer brands like Feastables, the MrBeast Burger initiative, licensed products, and new commerce-focused projects under one roof. Donaldson's main YouTube channel has over 460 million subscribers, the highest number of followers for a single content creator across the platform.This capital investment by BitMine is seen not only as a financial partnership but also as a move by crypto capital to engage more directly with popular culture. Beast Industries' Chairman, Tom Lee, described the company as "the most powerful content platform of its generation," highlighting its unique reach, particularly among Gen Z and Gen Alpha audiences. According to Lee, this scale offers a significant advantage in bringing Ethereum's financial infrastructure potential to the mainstream consumer world.Beast Industries CEO Jeff Housenbold described the investment as strong support for the company's growth plans. Housenbold stated that the capital provided will be used to finance new ventures and that integrating decentralized finance (DeFi) elements into planned financial service products is also on the agenda. The deal is expected to be finalized around January 19th, according to reports.This development stands out as part of BitMine's aggressive Ethereum strategy. The company continues to both increase the amount of ETH on its balance sheet and take an active role on the chain through staking. Current data shows that BitMine holds over 4 million ether, which corresponds to a value of over $13 billion at current prices. Furthermore, the company has locked over 1.25 million ETH in staking contracts. This contributes to Ethereum being increasingly perceived as a "yield-generating, programmable financial layer."The increase in institutional interest in the market is also noteworthy. Approximately 30% of the Ether supply is currently locked through staking, with a total value exceeding $120 billion. Previously, Standard Chartered analysts suggested that 2026 could be a critical year for Ethereum with the convergence of staking, institutional products, and real-world use cases.BitMine shares closed the week higher following the investment news and have gained over 300% year-to-date. This performance significantly exceeds the price increase in Ethereum during the same period.
Bitcoin and Ethereum to See $2.2 Billion in Option Expiry
Today marks a critical threshold in the crypto derivatives markets. Bitcoin and Ethereum are stuck at "max pain" levels ahead of the expiration of over $2.2 billion worth of options contracts on the Deribit exchange. Simultaneously, macroeconomic decisions and data from the US are making the market's direction even more sensitive.$2.2 billion in options expiring locks the marketAccording to data, Bitcoin is trading around $90,000 at the time of writing. This level almost perfectly matches the $90,000 max pain point set for BTC options. On the Ethereum side, the price is stabilizing around $3,100; this is also quite close to the maximum pain level calculated for ETH options.Looking at the overall picture, the size of Bitcoin options is approximately $1.84–$1.89 billion, while the size of Ethereum options is in the $380–$396 million range. This concentration is causing prices to remain in a narrow range before expiration. In particular, market makers' hedge positions are suppressing volatility by putting pressure on the spot price. Another notable element in the Bitcoin options market is the balance between call and put positions. Call and put open positions are almost equal. This indicates that investors are cautious about both upward and downward scenarios, and a strong directional expectation has not yet formed. On the Ethereum front, the picture is somewhat more asymmetrical. Call contracts are seen to be more dominant than puts in ETH options. The concentration of calls, especially above $3,000, suggests that Ethereum may become more sensitive to upward movements after expiration. According to analysts, if the ETH price remains above its maximum pain level, market makers may be forced to pursue bullish positions. Macroeconomic agenda is putting pressure on cryptoThe option expiration date alone does not create risk. The real pressure stems from two critical developments coming from the US on the same day. The first is the US non-farm payrolls (NFP) data for December. Market expectations are that employment growth will accelerate compared to the previous month. In particular, average hourly earnings data is closely watched in terms of the inflation outlook.High wage increases could strengthen expectations that the Federal Reserve may keep its interest rate policy tight for longer. This scenario puts pressure on non-interest-bearing assets and can negatively affect instruments such as Bitcoin and gold. Indeed, the recent strengthening of the dollar index has limited upward attempts in the crypto market.The second important issue is the decision of the United States Supreme Court regarding the tariffs implemented during the Trump administration. The possibility of the court making a decision that limits the tariffs implemented under presidential powers could affect trade and growth expectations in the short term. Crypto markets are known to react sensitively to tariff news in the past.Sharp drop in open interest signals a "reset"In addition to option expiry, open interest data in derivative markets is also noteworthy. Bitcoin open interest has fallen to its lowest levels since 2022. Significant declines on major exchanges such as Binance, Bybit, and OKX indicate that leveraged positions are being cleared across the market. Historically, these periods mark phases when the market experiences a "reset." When excessive leverage disappears, prices generally settle on a more stable level. While this process sometimes results in horizontal consolidation, in other cases it can pave the way for a new upward wave.
SharpLink Makes a $170 Million Move into Ethereum
Consensys-backed SharpLink Gaming has made one of the largest institutional staking moves ever seen in the Ethereum ecosystem. The company staked approximately $170 million worth of Ethereum (ETH) on the Linea mainnet, one of Ethereum's scaling networks. This move, completed in the first days of January 2026, rapidly increased Linea's total locked value (TVL) and brought institutional capital's interest in Layer-2 networks back into the spotlight.Consensys Ethereum StakingThis distribution was implemented as part of the "Linea Surge" initiative, which aims to grow the Linea ecosystem. This program aims to both accelerate TVL growth and create a more attractive environment for developers. SharpLink joined the process with an initial investment of approximately 7,000 ETH on January 3rd. This amount was equivalent to approximately $22.5 million at the prices of that day. The company added additional tranches within a few days, increasing its total investment to approximately 53,000 ETH as of January 6th. Thus, the total value transferred to the Linea network reached approximately $170 million. This large capital inflow was directly reflected in Linea's TVL data. The network's total locked value quickly surpassed $340 million. A significant portion of this increase is attributed to SharpLink. This development indicates that Linea is in a stronger position in the competition to attract capital from other Ethereum Layer-2 solutions.SharpLink's staking structure specifically targets institutional investors. The company uses a permissioned and verified liquid staking protocol. This structure combines different yield sources under one roof. The system includes Ethereum's native staking yields, restaking rewards obtained through EigenCloud, and direct incentives provided by Linea and Ether.fi. All assets are held by Anchorage Digital, which provides institutional-level custody services. In this respect, the structure offers a compatible and on-chain yield solution for large investors.SharpLink's connection to Linea is further highlighted by the strong ecosystem behind the company. Linea was developed by Consensys, an Ethereum infrastructure company also known for being behind MetaMask. SharpLink's close relationship with Consensys makes it one of the institutional entry points into the Linea ecosystem. But the company's plans don't stop there. SharpLink aims to launch a native governance token called SHARP in the third quarter of 2026. The distribution is planned to be a combination of airdrops for early-stakers and a public sale. This step is expected to further strengthen protocol participation with long-term incentives. On the other hand, SharpLink holds one of the largest Ethereum treasuries among publicly traded companies. The company has approximately 864,840 ETH, all of which is staked. This figure corresponds to a value of approximately $2.7 billion at current prices. The management sees making Ethereum productive for shareholders, rather than simply holding it as a passive asset, as a strategic priority. This $170 million move demonstrates the growing interest of institutional investors in structured, regulated, and multi-layered yield strategies. It also positions Linea as an increasingly attractive Ethereum scaling network for large-scale capital investment.
Morgan Stanley Has Applied for an ETF for ETH, Following Applications for BTC and SOL
Morgan Stanley's decision to expand its crypto asset products has clarified the strategic direction of the institutional front as we enter 2026. Following its Bitcoin and Solana initiatives, the bank has now applied for a spot ETF for Ethereum. Morgan Stanley takes action for Ethereum this timeThe latest link in the transformation comes from Morgan Stanley. Following its Bitcoin and Solana initiatives, the bank has now applied to the US regulator for an Ethereum-focused ETF. This application has brought back to the forefront a fact that has long been discussed in the market but often overshadowed by price movements: institutional demand is still unsaturated.Morgan Stanley's move indicates that the total market is larger than previously thought. While spot Bitcoin ETFs like IBIT offered by BlackRock have established a significant advantage in terms of liquidity, the idea of "another ETF" might seem unnecessary at first glance. However, observations made by Morgan Stanley through its own client network show that there is a large group of investors who have not yet gained direct access to crypto assets. For the bank, the issue is not about taking a share of the existing pie, but about growing the pie. Ethereum's application is of particular importance at this point. While Bitcoin has long served as an "institutional gateway," Ethereum has a more complex narrative. Topics like smart contracts, staking, and DeFi integration are taking Ethereum beyond being just a store of value. Morgan Stanley's entry into this space through an ETF shows that institutional investors are now preparing for more sophisticated crypto products. The steps taken for Solana also support this diversification trend. Ethereum Price UpdateEthereum (ETH) has recently been exhibiting a stable performance around the $3,200 range. Current data indicates that while ETH may experience limited pullbacks in the short term, it maintains its medium-term outlook. With a market capitalization of approximately $389 billion, Ethereum maintains its second-place position after Bitcoin. The fact that the trading volume has been above $28 billion in the 24-hour period shows that interest around the network remains strong. ETH, which has recorded an increase of nearly 8% in the last seven days, shows a horizontal trend in longer timeframes. This outlook reveals that investors are cautious about the short-term direction. Developments in network usage, staking dynamics, and institutional products continue to be decisive in Ethereum pricing. In particular, the continued prominence of spot ETF applications could lead to Ethereum becoming a central asset in institutional investment vehicles.
New Bitcoin and Ethereum Transfer from BlackRock to Coinbase
BlackRock, the world's largest asset manager, is back in the spotlight with a new move strengthening its institutional presence in the crypto markets. According to on-chain data, the company made high-value Bitcoin and Ethereum transfers via Coinbase Prime, indicating continued fund flows linked to spot ETFs.BlackRock Moves Bitcoin and ETH HoldingsAccording to the latest on-chain data shared by the blockchain data platform Lookonchain, BlackRock made a remarkable new transfer via Coinbase Prime. The data shows that the world's largest asset manager deposited 1,134 BTC and 7,255 ETH into Coinbase Prime wallets. At current prices, the total value of this transfer is approximately $123.5 million. This move has once again brought BlackRock's approach to crypto assets to the forefront. According to on-chain records, the total value of Bitcoin investments is $101.4 million, while the value of Ethereum transfers is approximately $22.1 million. It is noteworthy that the transfers were made to Coinbase Prime custody accounts linked to BlackRock’s spot ETF products. This indicates a funding and rebalancing process parallel to ETF demand, rather than direct trading activity.BlackRock acquired $22 billion in assets throughout 2025.This latest move is seen as part of a broader picture showing BlackRock pursuing a non-aggressive but steady growth strategy towards digital assets throughout 2025. According to 2025 Cryptocurrency Market Report, the company added over $22 billion in new assets to its on-chain crypto portfolio during the year. The total value of Bitcoin and Ethereum assets, which was approximately $54.8 billion at the beginning of January 2025, increased to $77.3 billion by the end of the year. This increase corresponds to a growth of over 41 percent year-on-year. Bitcoin continued to be the main backbone of BlackRock’s crypto portfolio. Assets, which were around 552,000 BTC at the beginning of 2025, rose to over 770,000 BTC by the end of the year. Thus, a net increase of 217,000 BTC was recorded on the Bitcoin side. In terms of value, the Bitcoin position increased from $51.1 billion to $67.1 billion. This shows that BlackRock continues to position Bitcoin as a strategic reserve asset even during volatile periods. On the Ethereum side, a more striking growth stood out. BlackRock's ETH assets increased from 1.07 million ETH to 3.48 million ETH throughout 2025. This increase indicates approximately 184% value growth on the Ethereum side. It is observed that interest in Ethereum accelerated, especially in the third quarter of the year, with tokenization, on-chain yield, and institutional consensus scenarios coming to the fore. The launch of spot Bitcoin and Ethereum ETFs in the US at the beginning of the year was one of the key factors determining the direction of institutional demand. Despite volatile price movements, ETF inflows have largely been concentrated in BlackRock products. iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) have become regulated and transparent crypto access points for many investors.
The First Major Test of 2026: $2.2 Billion Worth of Options on BTC and ETH Expire Today
The crypto derivatives markets have started 2026 with high volume. As of today, over $2.2 billion worth of options contracts tied to Bitcoin and Ethereum are expiring. This is being closely watched by investors and professional traders as it is the first large-scale derivatives settlement of the year. The fact that both assets are trading near their critical strike prices further highlights the possibility of post-settlement volatility.Bitcoin has $1.87 billion in optionsThe lion's share of the settlement belongs to Bitcoin. Approximately $1.87 billion worth of option contracts are tied to BTC. At the time of settlement, the Bitcoin price is hovering around the $88,900 mark, slightly above the "max pain" level, which is estimated to be around $88,000. Max pain is known as the price level at which the most option contracts close worthless and usually creates an equilibrium point in favor of option sellers.Open position data reveals a noteworthy picture on the Bitcoin side. Of the total 21,001 open positions, 14,194 are call contracts and 6,806 are put contracts. The put/call ratio of 0.48 indicates that the general market trend is based on upward expectations rather than downward hedging. This structure reveals that investors are betting on price increases, but also carries the risk of sharp movements if expectations are not met. On the Ethereum front, the picture is more balanced but still optimistic. The total nominal value of ETH options is approximately $395.7 million. The Ethereum price is trading around $3,020, slightly above its maximum pain level of $2,950. There are 80,957 call and 49,998 put contracts open. The total number of open positions is 130,955, and the put/call ratio is 0.62. This ratio indicates a more cautious optimism compared to Bitcoin. The expiration dates of options are considered critical thresholds for derivatives markets. When contracts expire, investors either exercise or close their positions. During this process, prices often retreat towards maximum pain levels. However, once settlement is complete and this "magnetic effect" disappears, price movements can become freer and more volatile. Another factor that makes this settlement important is institutional positioning data. On the Bitcoin side, call contracts account for 36.4% of the volume in block transactions, while put contracts account for 24.9%. This difference is even more pronounced on Ethereum; 73.7% of block transactions consist of call contracts, with only a small portion being put contracts. Such block transactions generally indicate more strategic and long-term positions rather than short-term speculation. Furthermore, interest is not limited to near-term contracts. While March and June 2026 expiration dates stand out in Bitcoin options, strong demand is seen in quarterly expiration dates spread throughout the year on the Ethereum side. This suggests that traders are positioning themselves not only for short-term price movements but also for a broader bullish scenario extending into the coming months. However, high-volume settlements always carry risk. Price stability can weaken as hedging positions are unwound. In particular, if prices remain below critical levels, the expiration of numerous call options could increase short-term selling pressure.
ETH Commentary and Price Analysis - January 1, 2026
ETH Technical Analysis Symmetrical Triangle Formation On the ETH side, the price is squeezed within a clear symmetrical triangle structure between a descending trend coming from above and a rising trend coming from below. The size of the triangle has narrowed significantly and the price appears to be approaching the end of the formation, which increases the likelihood of an imminent breakout. The decrease in volatility and the shortening of candle sizes also confirm this compression.Within the current structure, the lower trend has worked so far and has continued to support the price from below. The preservation of this trend shows that the structure is still valid and that the upside scenario remains on the table. As long as the lower trend is not lost, pullbacks for now appear as movements within the formation.On the upside, the 3,220 region stands out horizontally as a critical threshold due to both being an area previously tested by price and intersecting with the upper trend of the triangle. A move toward this region emerges as the natural target of the formation. However, it is also clear that this same area is a strong decision zone, and it would not be surprising to see sharp reactions before a breakout occurs.In summary, ETH is moving within a symmetrical triangle that has reached a decision moment. As long as the lower trend is preserved, the main short-term expectation is upward acceleration and a test of the 3,220 region. The reaction given at this level will be decisive for the next direction.These analyses, which do not provide investment advice, focus on support and resistance levels that are thought to create short- and medium-term trading opportunities depending on market conditions. However, the responsibility for trading and risk management belongs entirely to the user. In addition, it is strongly recommended to use stop loss for the positions shared.
Pre-Christmas Wave of Outflows from Spot Bitcoin and Ethereum ETFs
Significant outflows were observed from spot Bitcoin and Ethereum ETFs in the US as the year drew to a close. According to data, US spot Bitcoin ETFs recorded a net outflow of $188.6 million on Tuesday, marking the fourth consecutive trading day of negative outflows. Spot Ethereum ETFs also saw a net outflow of $95.5 million on the same day. Reduced liquidity before the Christmas holidays and year-end portfolio adjustments are cited as key reasons for these movements.Significant asset outflows from BlackRock, Grayscale, and Bitwise fundsAccording to market data, the majority of outflows from Bitcoin ETFs were concentrated in the IBIT fund issued by BlackRock, with a single day outflow of $157.3 million. Fidelity's FBTC, Grayscale's GBTC, and Bitwise's BITB fund were among the other products that reported net outflows on Tuesday. On a weekly basis, spot Bitcoin ETFs experienced a total net outflow of $497.1 million last week. This chart indicates a complete reversal of the $286.6 million net inflow seen in the week ending December 12. A similar picture emerges on the Ethereum side. Spot Ethereum ETFs, which recorded an inflow of $84.6 million the day before, saw a net outflow of $95.5 million on Tuesday. Leading the outflows was Grayscale’s ETHE fund, with a daily outflow of $50.9 million. This figure stood out as the highest single-day outflow recorded among Ethereum ETFs that day.Market commentators believe that these ETF outflows do not indicate a lasting deterioration in investor confidence. Vincent Liu, CIO of Kronos Research, stated that these movements are more due to year-end dynamics. According to Liu, low liquidity, portfolio rebalancing processes, and profit-taking are among the main reasons for the outflows from Bitcoin and Ethereum ETFs. Similarly, LVRG Research director Nick Ruck stated that investors are reducing risk in the pre-Christmas period, with seasonal profit-taking and tax planning accelerating this process.Rick Maeda from Presto Research emphasized that ETF inflows should not be exaggerated. Maeda said that fund flows have already been volatile in the last few months, and balance sheet adjustments are natural, especially after the volatile fourth quarter. Comparing this to previous years, Maeda noted that over $1.5 billion in outflows occurred from spot Bitcoin ETFs in the four trading days before Christmas 2024, compared to the relatively limited outflows currently seen.Crypto prices also remained under pressure in line with this picture. Bitcoin fell 0.7% in the last 24 hours to $86,931, while Ethereum dropped 1.18% to $2,931. In contrast, spot XRP ETFs saw net inflows of $8.2 million, and spot Solana ETFs saw net inflows of $4.2 million. This situation indicates that investor interest is partly shifting towards different assets.In contrast to this stagnation in the crypto markets, US stocks showed a strong performance. The S&P 500 rose 0.46% on Tuesday, closing at a historic high of 6,909.79 points. The Nasdaq Composite increased by 0.57%, while the Dow Jones Industrial Average rose by 0.16%. According to data released by the US Department of Commerce, the US economy grew by 4.3% on an annualized basis in the third quarter. This rate surpasses the 3.8% growth in the second quarter.US markets will close early on December 24th and will be closed on December 25th due to the Christmas holiday. According to experts, the real signals will become clearer after the holiday, with the return of liquidity. Vincent Liu states that investors should closely monitor the weekly jobless claims data to be released on December 27th and price-driven fund flows. These indicators may offer a healthier picture in terms of market expectations for the first few months of 2026.
Ethereum Treasury Company Sold $74.5 Million Worth of ETH
ETHZilla has officially exited its Ethereum accumulation strategy. The company announced that it sold approximately 24,291 ETH, using $74.5 million to repay debt. This move may indicate the end of its strategy, which previously focused on long-term Ethereum accumulation through a "Digital Asset Treasury" (DAT) approach. Ethereum Treasury Company Sells OutETHZilla had previously planned to transform its balance sheet into an Ethereum-centric structure, even considering the possibility of purchasing up to $10 billion worth of ETH in the long term. However, the recent sale shows that the company no longer positions itself as an ETH-focused balance sheet company. In this new framework, Ethereum has ceased to be a strategic asset and has become a liquidity and financial balance tool.Looking at the background of the sale, it appears that this decision was not a one-off. According to regulatory filings, ETHZilla sold the ETH in question at an average price of slightly over $3,000 per token. The sale was part of a mandatory repayment agreement under convertible bond obligations. Following the transaction, the company's remaining Ethereum holdings decreased to approximately 69,800 ETH, with a current market value of around $207 million. Ethereum price is currently trading slightly above $2,950. This December sale, when considered alongside the previous transaction in October which involved the disposal of approximately $40 million worth of ETH, demonstrates that balance sheet cleaning has become a priority. The October sale, intended to fund a share buyback program, was criticized by some investors. Despite this, management has clearly indicated that it views crypto assets not as a long-term store of value, but as a source of financing that can be used when needed. The real turning point for ETHZilla is the strategic shift. The company is now shifting its focus to the tokenization of real-world assets. According to the company, auto loans, real estate, and aviation equipment are among the priority areas. This approach moves the company away from crypto-native treasury models and closer to the fintech and structured finance world.With this shift, ETHZilla is also redefining how assets are valued. The size of Ethereum assets will no longer be a primary valuation metric. Instead, revenue generation, operational performance, and cash flow will take center stage. The company's decision to close its public mNAV (net asset value) dashboard is seen as part of this transformation. This move means reduced transparency for crypto-focused investors who monitor on-chain data in real time.From a market perspective, ETHZilla's decision points to a broader trend. Rising interest rates, increasing borrowing costs, and the weakness in Ethereum's price in recent months are forcing leveraged or scale-limited companies to take more cautious steps. In this environment, there is a shift towards cash flow-generating and more predictable revenue models instead of aggressive crypto accumulation.General comments within the crypto community do not directly interpret this move as a "bear market signal." Many analysts argue that the decision is pragmatic and that institutional capital is increasingly shifting towards revenue-driven infrastructure and real asset tokenization.
BitMine Expands its Ethereum Treasury: An Additional 13,412 ETH
BitMine Immersion Technologies, which continues to aggressively expand its Ethereum treasury, made headlines again with a new purchase in late December. According to recent information shared by the on-chain data platform Lookonchain, the company acquired an additional 13,412 ETH in just a short period. This purchase, worth approximately $40.61 million, demonstrates that BitMine's Ethereum-focused treasury strategy continues unabated. With this latest move, the total amount of Ethereum held by BitMine has risen to approximately 3.98 million ETH. Previous official statements from the company indicated that as of mid-December, BitMine held 3,967,210 ETH, valued at an average of $3,006. The new purchase further increases the company's ETH position in terms of both nominal and market capitalization, maintaining BitMine's position as one of the largest publicly traded Ethereum holders. The impact of this Ethereum accumulation on the company's valuation is quite significant. BitMine's market capitalization hovered around $13 billion in the second half of December. This figure almost perfectly matches the total value of the company's crypto assets, cash reserves, and other investments. This structure leads to BitMine shares being perceived not as a traditional operating company, but rather as an investment vehicle directly pegged to the price of Ethereum. For investors, the shares essentially function as an "ETH proxy" traded on the stock exchange. This approach has both advantages and risks. The company's capital increases throughout 2025 have brought the issue of share dilution to the forefront. According to information reflected in SEC filings, BitMine issued tens of millions of new shares and usable warrants under private equity deals. This situation carries the risk that the actual value per share will not increase at the same rate as the treasury grows. It is frequently emphasized that investors should consider the fully diluted share count when evaluating the company. On the other hand, changes in accounting have also initiated a new era for companies like BitMine. Regulations by the Financial Accounting Standards Board mean that price fluctuations in crypto assets are directly reflected in net profit. This can lead to significant volatility in company balance sheets even without sales, pushing traditional profit multiples into the background.BitMine's aggressive Ethereum strategy is also met with mixed reactions on Wall Street. Jim Cramer, known for his programs on CNBC, argues that caution should be exercised regarding BMNR shares, while some analysts believe that the company's asset structure makes its share value appear more complex than it is. On the other hand, BitMine's inclusion in the S&P Global BMI Index is a significant development that has increased institutional investor interest in the company.Ethereum price recoversIn parallel with the news, the Ethereum price continues to hold above the $3,000 band in the shadow of these institutional purchases. According to the latest data, ETH is trading at around $3,035 and has recorded an increase of over 1% in the last 24 hours. The intraday price range is between $2,945 and $3,050, while the market capitalization remains above $366 billion. Ethereum's 24-hour transaction volume is approximately $15.2 billion, and the circulating supply is around 120.6 million ETH. On a monthly basis, the ETH price has risen by approximately 12 percent. This suggests that while large-scale purchases like those by BitMine may not directly cause a price jump in the short term, they are creating a foundation that supports medium-term expectations.
$3 Billion Worth of Options on Bitcoin and ETH Are Expiring
As the year draws to a close in the cryptocurrency markets, a notable expiration occurred in the Bitcoin and Ethereum options market. According to Deribit data, approximately $3.16–$3.18 billion worth of Bitcoin and Ethereum options expired on Friday. This latest major settlement, occurring amid reduced liquidity before the Christmas holidays, reveals that the market's direction remains unclear.Bitcoin options dominated the expirationsBitcoin options accounted for the majority of expirations. Approximately $2.7 billion worth of BTC options expired, with the Bitcoin price trading around the $87,000 range in the hours leading up to expiration. The "max pain" level for Bitcoin was highlighted at $88,000. This level is closely watched in the derivatives market as it represents the price point where the most options become worthless. The spot price remaining just below this level suggests that unless a strong breakout occurs, the price may continue to move within a narrow range. Open interest data also painted a cautious picture. While call contracts numerically outnumbered Bitcoin options, the concentration on the put side was noteworthy. With total open positions exceeding 30,000 contracts, the put/call ratio remained in the 0.76–0.80 range. This ratio indicated that investors had not completely abandoned the upside scenario, but had increased their need to hedge against downside risks. The concentration of put options, particularly around the $85,000 level, revealed that investors were planning exits or hedging in case of a potential pullback. The picture was slightly different on the Ethereum front. Approximately $460–470 million worth of ETH options expired, while the Ethereum price traded around $2,900. The maximum pain level for ETH was calculated at $3,100, and the spot price remained significantly below this level. The call and put distribution in Ethereum options was more balanced. The put/call ratio being just above 1 suggested a more neutral market outlook for Ethereum. Analysts noted that price ranges in Ethereum options are spread across a wider band compared to Bitcoin. While upward expectations are maintained at levels above $3,400, various hedging positions have also been taken against downward scenarios. This indicates that sharper movements in the Ethereum price may be possible if volatility increases again. Overall, it is observed that volumes in the options market slowed significantly in the last quarter of the year. The total open position size, which was over $46 billion at the end of the third quarter, decreased to approximately $39 billion as of the fourth quarter and has followed a horizontal trend in recent months. This picture shows that investors prefer hedging and a wait-and-see strategy instead of taking aggressive upward positions. The crucial date: December 26The market's attention is now focused on the larger-scale monthly, quarterly, and annual option expiration on December 26. Approximately $23 billion worth of options are expected to expire on this date. While a cautious outlook prevails for Bitcoin and Ethereum in the short term, upward expectations for longer-term contracts towards 2026 have not entirely disappeared. Reduced liquidity during the holiday season and global macroeconomic developments could make price movements even more sensitive in the coming days.
BitMine collected Ethereum from the bottom when it was below $3,000
Institutional purchases have resurfaced as the Ethereum price has fallen below the $3,000 level. BitMine, an Ethereum treasury company led by Fundstrat co-founder Tom Lee, seized the opportunity presented by the market pullback and made a new purchase of ETH worth approximately $140 million.BitMine's Ethereum PurchaseAs Ethereum-focused balance sheet strategies reshape institutional investors' perspectives on crypto assets, BitMine, one of the most aggressive players in this space, has once again attracted attention. The company, led by Fundstrat co-founder Tom Lee, reportedly continued its Ethereum purchases despite the recent market volatility.According to information from on-chain data provider Arkham, BitMine purchased 48,049 ETH worth approximately $140.6 million. Onchain analysts EmberCN and Lookonchain stated that the purchase was made from a FalconX hot wallet. While this transaction has not yet been officially confirmed by BitMine, it aligns with the company's previously released financial data. In an official announcement on Monday, BitMine revealed that the company, traded on the NYSE American, holds a total of 3,967,210 ETH in its treasury. These purchases, made at an average price of $3,074, have a current market value of approximately $11.6 billion. This makes BitMine the world's largest institutional Ethereum holder.The company has pursued an aggressive strategy of accumulating Ethereum throughout the year. Purchases made in the first two weeks of December were particularly noteworthy. It is reported that BitMine acquired an additional 240,711 ETH during this short period. Coming at a time of increased selling pressure and weak investor sentiment, these moves demonstrate the company's focus on a long-term vision rather than short-term price fluctuations.BitMine's long-term goal is quite ambitious. The company had previously publicly stated its aim to control 5% of the total Ethereum supply in circulation. This goal reflects a strong belief that Ethereum will not only be an investment vehicle but also a fundamental building block of the global financial system.Tom Lee reiterated his optimism for the crypto markets in a statement on Monday. According to Lee, the "best days" for crypto are yet to come. Legal progress in Washington, increased regulatory clarity, and support from Wall Street are among the main pillars of Lee's optimism.Ethereum price below $3,000BitMine's recent Ethereum purchase coincided with a period when the ETH price fell below the $3,000 level. Ethereum traded around $2,926, up 0.24% in the last 24 hours, but recorded a weekly decline of approximately 12%. Despite this, the company's shares (BMNR) closed up 1.42% at $31.39 on Tuesday. The share price has gained over 551% in the last six months.
JPMorgan is Moving Money Market Operations To Ethereum
JPMorgan Chase is expanding its steps in blockchain-based finance and preparing to launch its first tokenized money market fund on the Ethereum network. According to the Wall Street Journal, this new product, developed by the bank's asset management arm which manages approximately $4 trillion in assets, will be offered under the name My OnChain Net Yield Fund, or MONY for short. JPMorgan plans to launch the fund with $100 million of its own capital before opening it to external investors.JPMorgan launches first tokenized money market fundMONY operates on JPMorgan's in-house tokenization infrastructure called Kinexys Digital Assets. This infrastructure allows traditional financial products to be represented on the blockchain through digital tokens. The fund will only be open to individuals and institutions with "qualified investor" status. Accordingly, a minimum investment asset requirement of $5 million is sought for individual investors, while this threshold is set at $25 million for institutional investors. The minimum investment amount to enter the fund is $1 million. Like traditional money market funds, MONY holds a portfolio of short-term, high-quality debt instruments. The fund's primary goal is to offer returns that are generally higher than bank deposits. Interest income and dividends accrue daily. Investors can participate in the fund through JPMorgan's digital investment platform, Morgan Money, and hold digital tokens representing their shares in their own crypto wallets. Another notable aspect of the fund is that transactions can be made using stablecoins in addition to cash. Investors can conduct fund entry and exit transactions using the USDC stablecoin, a dollar-pegged stablecoin issued by Circle. This approach demonstrates the increasing adoption of crypto-native payment infrastructures by regulated financial products. Such solutions, particularly those aimed at the efficient use of non-interest-bearing stablecoin balances, have long been in demand within the crypto ecosystem. John Donohue, Head of Global Liquidity at JPMorgan Asset Management, notes that there is significant interest from clients in tokenization. According to Donohue, the bank aims to make options similar to those offered in traditional money market funds available on the blockchain. This approach signals that tokenization is no longer just an experimental area but is beginning to become part of mainstream finance. This move coincides with a period in which the regulatory framework for digital assets in the US is becoming clearer. The GENIUS Act, passed this year, created a federal framework for dollar-denominated stablecoins. In addition, developments around the Clarity Act signaled a more constructive approach to which institutions will oversee blockchain-based financial products. This regulatory clarity is encouraging large financial institutions to take bolder steps in tokenizing funds, securities, and other real-world assets. Interest in the tokenization of real-world assets is rapidly increasing. By 2025, the total market capitalization of tokenized real-world assets reached a record high of $38 billion. BlackRock is the largest player in this field with a tokenized money market fund worth over $1.8 billion. Goldman Sachs and Bank of New York Mellon also announced plans to collaborate on digital assets linked to tokenized money market funds earlier this year. The Ethereum-based MONY fund demonstrates the continuation of JPMorgan's recent blockchain initiatives, as the bank recently issued a commercial bond on the Solana network for its Galaxy Digital subsidiary, using USDC in the transactions.
$4.5 Billion Worth of BTC and ETH Options Expire Today
In the crypto derivatives markets, attention is focused on the high-volume Bitcoin and Ethereum options expiring on Friday, December 12th. With a total nominal value of approximately $4.3–$4.5 billion, these options are expected to expire, creating a cautious atmosphere across the market. The approaching end of the year, weakening liquidity, and recent macroeconomic developments are causing investors to avoid taking directional positions.Bitcoin and Ethereum options expire today.According to data, approximately 39,000 Bitcoin option contracts are expiring today. The total nominal value of these contracts is around $3.6-$3.7 billion. The put/call ratio in Bitcoin options is around 1.1, indicating a slight advantage of short positions over long positions. The "max pain" level in the market is around $90,000. The current price hovering near this level suggests that the option expiration may have a limited impact on the spot market. The highest level of open interest in the options market is at $100,000. At this strike price, there are approximately $2.7 billion in open positions. Additionally, there are significant open positions totaling around $2 billion at the $80,000 and $85,000 levels. According to Coinglass data, the total Bitcoin options open interest across all exchanges has reached $54.6 billion. Deribit notes that pricing is largely stuck around $90,000 and that there is no clear directional expectation in the market. Deribit's assessment indicates that the balance between call and put options shows that investors expect limited volatility for this expiration date. It is emphasized that the market tends to maintain its current range until a new catalyst emerges. A similar picture is observed on the Ethereum front. Approximately 247,000 ETH options contracts expire today. The total nominal value of these contracts is around $768-770 million. In Ethereum options, the maximum pain level is calculated at $3,100, while the put/call ratio is fluctuating between 1.22 and 1.24. This ratio indicates that demand for selling hedging is relatively stronger on the Ethereum side as well. The total open position for ETH options across all exchanges is approximately $12 billion.Deribit analysts note that positioning in Ethereum options has shifted towards a more neutral structure, but the concentration seen in call options above $3,400 reveals that investors are willing to price in sharper price movements should volatility increase again.On the macro side, the 25 basis point interest rate cut by the US Federal Reserve this week has largely been priced in by the markets. Greeks Live analysts emphasize that it is premature to view this step as the beginning of a monetary expansion cycle. They point out that liquidity in the crypto markets has fallen to historically weakest levels as the year-end and Christmas period approach. This situation poses an obstacle to a strong and sustained rally in the short term. Looking at the spot markets, the total cryptocurrency market capitalization is hovering around $3.2 trillion. Bitcoin briefly rose above $93,000 but encountered resistance at that level and retreated back to the $92,000 range. Ethereum traded in a narrow range around $3,200 in the last 24 hours. While the altcoin market generally shows a sideways trend, limited gains were observed in privacy-focused projects such as Solana, Bitcoin Cash, Monero, and Zcash. The overall picture suggests that the market remains calm for now, despite high-volume options expiry times.
