BTM Options History — December 2025

In December 2025, BTM traded between $8.89 and $11.55. ATM implied volatility averaged 180.1%, placing in the 67.4% IV rank vs the trailing year. The 30-day expected move averaged 50.1%. IV traded above realized volatility by 87.4% (HV 20d: 92.7%). Max pain ranged from $7.00 to $14.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.23.

Notable Days

  • 2025-12-01: Highest Volume — 366 contracts
  • 2025-12-08: Largest IV spike — 58.4% change
  • 2025-12-08: Highest IV Rank — 100.0%
  • 2025-12-04: Largest Expected Move — 70.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.63$8.89$11.55$10.08$8.89
Max Pain$8.59$7.00$14.00$14.00$7.00
ATM IV180.1%107.3%246.6%214.3%173.8%
Expected Move50.1%18.7%70.9%61.4%49.8%
HV 20d92.7%81.3%116.1%102.5%83.8%
HV 60d100.9%95.8%104.7%97.1%95.8%
IV Rank67.4%36.1%100.0%78.8%63.5%
IV Percentile92.0%52.8%100.0%97.6%91.0%
Term Structure24.1%-176.8%183.5%-103.0%15.1%
VWIV121.9%55.7%247.3%184.6%96.0%
Skew 25d130.6%-174.3%335.5%-119.4%32.7%
Skew 10d112.7%-174.3%352.5%-119.4%33.9%
Call IV 25d114.7%54.4%274.0%274.0%77.5%
Put IV 25d245.3%93.1%432.1%154.6%110.2%
Bid-Ask Spread %92.6553.87112.5069.5188.15
Gamma HHI0.180.150.210.200.15
Net GEX7.6K6.1K10.8K6.1K7.1K
Net DEX-736.9K-1.2M-497.3K-525.0K-841.5K
Net VEX-7.1K-9.5K-5.8K-6.2K-7.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.230.001.770.080.05
Total Volume63.455436636623
Total OI4,165.6823,7194,6663,8833,803

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$10.08$14.00214.3%61.4%102.5%0.0%0.0%-119.4%-103.0%6.1K-525.0K-6.2K0.0869.51N/AN/A337293,772111
2025-12-02$10.22$14.00184.6%52.9%102.4%0.0%0.0%-174.3%-66.9%7.1K-523.5K-7.0K0.0065.23N/AN/A4803,876132
2025-12-03$10.08$14.00178.9%51.3%102.5%78.8%184.6%-160.9%-176.8%6.9K-514.0K-6.4K1.7753.87N/AN/A17303,920132
2025-12-04$10.01$14.00107.3%70.9%90.7%36.1%127.8%273.5%-7.1%7.5K-504.3K-6.2K0.0695.11N/AN/A7143,928133
2025-12-05$9.31$14.00148.3%30.0%91.8%60.6%115.9%31.7%31.5%6.1K-497.3K-5.8K0.2690.07N/AN/A1853,963126
2025-12-08$9.52$7.00234.9%18.7%92.6%100.0%55.7%42.6%30.3%6.1K-550.0K-6.6K0.0588.48N/AN/A3924,077130
2025-12-09$10.92$7.00246.6%58.6%110.3%100.0%57.7%236.2%-75.5%9.4K-663.7K-7.4K0.00112.50N/AN/A11704,094130
2025-12-10$11.55$7.00193.1%55.4%114.0%73.2%127.1%156.5%-55.1%10.8K-1.1M-9.5K0.00103.61N/AN/A35204,193131
2025-12-11$10.50$7.00154.3%44.2%116.1%53.8%113.3%103.8%36.2%10.3K-752.3K-7.9K0.52101.49N/AN/A1264,487131
2025-12-12$9.94$7.00225.0%64.5%92.0%89.2%0.0%213.9%-96.3%9.0K-896.5K-8.6K0.24110.84N/AN/A1024,495127
2025-12-15$9.31$7.00197.1%56.5%93.5%75.2%247.3%297.8%-21.6%7.6K-822.1K-7.7K0.00110.77N/AN/A904,501129
2025-12-16$9.31$7.00173.5%49.7%93.0%63.4%123.8%298.6%17.6%7.8K-760.0K-7.7K0.00101.56N/AN/A4604,504128
2025-12-17$9.10$7.00153.3%43.9%92.9%53.2%194.6%310.8%77.2%7.7K-753.4K-7.4K0.03103.79N/AN/A404,512128
2025-12-18$9.17$7.00166.3%47.7%86.1%59.8%112.2%290.2%183.5%7.4K-613.9K-6.7K0.02108.11N/AN/A2514,515128
2025-12-19$9.45$7.00157.5%45.2%81.6%55.4%86.2%293.2%106.5%7.6K-620.5K-6.6K0.0398.43N/AN/A1814,538128
2025-12-22$9.31$7.00168.4%48.3%81.3%60.8%97.4%193.6%105.2%7.7K-604.9K-6.2K1.5789.56N/AN/A18293,617102
2025-12-23$8.89$7.00176.3%50.5%82.3%64.8%115.9%-11.0%103.2%7.4K-589.9K-6.0K0.3795.42N/AN/A623,630110
2025-12-24$9.17$7.00176.6%50.6%83.3%64.9%106.5%335.5%103.8%6.1K-1.2M-7.1K0.0094.28N/AN/A2703,635111
2025-12-26$9.03$7.00186.8%53.6%82.1%70.1%153.8%154.8%101.6%7.6K-669.9K-6.8K0.0086.87N/AN/A4303,657111
2025-12-29$8.89$7.00176.0%50.5%81.5%64.6%79.1%15.6%152.1%6.3K-1.1M-6.8K0.0088.59N/AN/A3303,665111
2025-12-30$9.31$7.00168.9%48.4%82.7%61.1%96.0%58.7%68.5%7.3K-1.1M-7.5K0.0082.14N/AN/A1203,683111
2025-12-31$8.89$7.00173.8%49.8%83.8%63.5%0.0%32.7%15.1%7.1K-841.5K-7.0K0.0588.15N/AN/A2213,692111