Market Risk Warning: $23.8 billion Bitcoin options will expire on December 26, and the market faces risk exposure liquidation
According to BlockBeats, on-chain data analyst Murphy stated that nominal value of approximately $23.8 billion Bitcoin options will expire on December 26, involving quarterly options, annual options, and a large number of structured products. The BTC derivatives market will face concentrated liquidation and repricing of risk exposure at the end of the year.
From the data, there is a large open interest accumulation on the 85,000 USD Put and 100,000 USD Call options, which are closest to the current BTC spot price, with 14,674 BTC and 18,116 BTC respectively. These are not retail behaviors, but rather operations of large-scale long-term funds.
The 85,000 USD Put reflects a strong demand for hedging against downside risk, while the 100,000 USD Call shows long-term funds are willing to give up upside potential in exchange for cash flow and manageable risk. The options corridor will have a structural impact on BTC prices before December 26.
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