IBIT Options History — December 2025

In December 2025, IBIT traded between $48.20 and $53.20. ATM implied volatility averaged 44.7%, placing in the 39.7% IV rank vs the trailing year. The 30-day expected move averaged 12.9%. IV traded below realized volatility by 6.0% (HV 20d: 50.7%). Max pain ranged from $48.00 to $58.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.66.

Notable Days

2025-12-17: Highest Volume — 1,160,090 contracts
2025-12-02: Largest IV drop — 6.5% change
2025-12-01: Highest IV Rank — 66.2%
2025-12-01: Largest Expected Move — 15.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$50.47	$48.20	$53.20	$48.49	$49.50
Max Pain	$50.32	$48.00	$58.00	$58.00	$48.00
ATM IV	44.7%	40.1%	52.7%	52.7%	40.8%
Expected Move	12.9%	11.2%	15.6%	15.6%	11.6%
HV 20d	50.7%	33.3%	58.0%	52.0%	33.3%
HV 60d	46.2%	43.6%	47.5%	43.6%	44.9%
IV Rank	39.7%	24.6%	66.2%	66.2%	26.9%
IV Percentile	46.3%	26.6%	73.8%	73.8%	30.2%
Term Structure	0.1%	-0.6%	1.0%	-0.6%	-0.2%
VWIV	46.0%	40.5%	56.4%	56.4%	42.4%
Skew 25d	5.4%	3.1%	6.9%	6.8%	3.1%
Skew 10d	10.9%	7.3%	15.0%	12.5%	7.3%
Call IV 25d	43.0%	39.6%	49.9%	49.9%	40.2%
Put IV 25d	48.4%	43.2%	56.7%	56.7%	43.3%
Bid-Ask Spread %	2.47	1.88	3.34	2.36	2.14
Gamma HHI	0.04	0.03	0.05	0.04	0.04
Net GEX	76.1M	-20.5M	174.5M	39.3M	56.3M
Net DEX	-1.07B	-2.80B	820.5M	594.0M	-1.24B
Net VEX	-39.6M	-44.1M	-36.6M	-39.4M	-36.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.42	1.29	0.54	0.42
Total Volume	609,805.045	299,375	1,160,090	990,519	489,196
Total OI	7,499,319.227	6,604,619	8,073,649	7,517,589	6,793,649

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$48.49	$58.00	52.7%	15.6%	52.0%	66.2%	56.4%	6.8%	-0.6%	39.3M	594.0M	-39.4M	0.54	2.36	645,108	345,411	4,992,380	2,525,209
2025-12-02	$51.64	$57.00	49.3%	14.5%	58.0%	54.9%	51.7%	4.9%	0.2%	138.3M	-1.93B	-43.3M	0.60	2.27	562,646	335,030	5,116,136	2,598,110
2025-12-03	$52.88	$56.00	46.2%	13.4%	56.1%	44.5%	48.3%	4.8%	0.3%	174.5M	-2.80B	-44.1M	0.55	2.33	393,303	216,125	5,170,886	2,731,040
2025-12-04	$52.45	$50.00	46.5%	13.5%	54.6%	45.7%	48.8%	5.1%	0.2%	167.3M	-2.37B	-44.0M	0.59	3.12	229,513	135,860	5,190,849	2,768,108
2025-12-05	$50.70	$50.00	47.7%	13.7%	54.8%	49.7%	49.1%	5.4%	0.3%	92.1M	-729.2M	-41.1M	0.77	3.34	457,776	352,003	5,222,405	2,817,484
2025-12-08	$51.39	$50.00	46.9%	13.5%	53.6%	46.9%	48.7%	5.9%	0.3%	90.1M	-1.10B	-41.3M	0.81	2.88	221,216	178,551	4,967,724	2,692,405
2025-12-09	$52.78	$50.00	45.3%	13.1%	53.9%	41.8%	45.8%	5.2%	0.3%	132.4M	-2.32B	-42.4M	0.69	2.98	300,083	206,246	4,983,032	2,726,211
2025-12-10	$53.20	$50.00	45.2%	13.0%	53.2%	41.3%	45.9%	5.5%	0.1%	145.5M	-2.57B	-42.5M	0.67	3.30	256,380	170,525	5,007,901	2,774,707
2025-12-11	$51.94	$50.00	43.6%	12.6%	53.6%	36.0%	43.6%	6.3%	0.3%	120.8M	-1.34B	-40.9M	0.49	2.67	513,258	253,601	5,084,921	2,786,679
2025-12-12	$51.14	$50.00	43.8%	12.6%	52.7%	36.5%	43.9%	6.4%	0.3%	72.3M	-889.5M	-40.2M	0.63	2.45	402,041	251,956	5,239,333	2,805,585
2025-12-15	$48.75	$50.00	45.8%	13.1%	53.3%	43.2%	46.5%	6.9%	0.1%	8.1M	724.4M	-36.9M	0.65	2.79	468,839	303,587	4,979,216	2,645,145
2025-12-16	$49.83	$50.00	44.0%	12.6%	53.2%	37.2%	45.5%	6.7%	0.0%	45.2M	-116.3M	-38.3M	0.54	2.40	270,357	145,754	5,058,411	2,694,264
2025-12-17	$48.78	$49.00	46.5%	13.3%	53.3%	45.5%	48.3%	6.3%	-0.4%	10.5M	392.0M	-37.3M	0.71	2.36	677,598	482,492	5,140,449	2,702,029
2025-12-18	$48.20	$49.00	46.9%	13.5%	51.6%	47.1%	47.5%	6.4%	-0.5%	-20.5M	820.5M	-37.4M	1.29	2.51	367,249	475,339	5,235,273	2,770,583
2025-12-19	$49.89	$49.00	44.8%	12.9%	52.1%	39.9%	46.1%	5.9%	-0.2%	41.2M	-919.7M	-39.0M	0.98	1.97	385,984	378,621	5,343,588	2,730,061
2025-12-22	$50.11	$49.00	43.5%	12.5%	51.2%	35.7%	45.3%	5.4%	0.5%	67.3M	-1.42B	-38.6M	0.86	1.96	258,783	222,719	4,308,249	2,365,096
2025-12-23	$50.06	$49.00	41.5%	11.9%	47.4%	29.1%	42.3%	5.6%	0.7%	69.2M	-1.34B	-38.6M	0.42	2.18	339,628	144,058	4,366,856	2,407,451
2025-12-24	$49.50	$49.00	41.2%	11.8%	46.9%	28.2%	41.3%	4.7%	1.0%	53.7M	-1.11B	-38.0M	0.81	2.02	165,799	133,576	4,485,513	2,449,185
2025-12-26	$49.72	$48.00	40.8%	11.7%	45.5%	26.9%	41.7%	4.2%	0.2%	52.2M	-1.25B	-38.2M	0.59	2.40	280,388	164,912	4,520,884	2,470,280
2025-12-29	$49.40	$48.00	40.8%	11.6%	45.4%	26.8%	41.8%	3.4%	-0.0%	46.9M	-1.15B	-36.6M	0.43	1.88	281,205	121,538	4,281,181	2,323,438
2025-12-30	$49.88	$48.00	40.1%	11.2%	40.4%	24.6%	40.5%	3.2%	0.5%	72.5M	-1.53B	-37.2M	0.59	1.92	271,646	159,811	4,356,306	2,356,811
2025-12-31	$49.50	$48.00	40.8%	11.6%	33.3%	26.9%	42.4%	3.1%	-0.2%	56.3M	-1.24B	-36.6M	0.42	2.14	343,679	145,517	4,407,080	2,386,569