Bitcoin falls below $88,000, traders prepare for $28.5 billion in options expiration! During the U.S. session on Monday, the crypto market continued to lose ground, with Bitcoin retreating from $90,000 to below $88,000, and Ethereum breaking below $3,000. Some crypto-related stocks maintained their upward momentum, such as mining companies whose stock prices rose by 16% due to AI data center agreements, but overall pressure remains. This Friday, a record $28.5 billion in BTC and ETH options will expire, accounting for more than half of the open contracts. The Chief Business Officer stated that this expiration marks a shift from speculative cycles to policy-driven ones. The maximum pain point is $96,000, where option sellers profit the most. $120 million in put options is concentrated at $85,000; if selling pressure increases, it may lower spot prices. The cost of short-term protective put options has risen, leading traders to prefer rolling over defensive positions from December 85K-70K to January 80K-75K. The skew has declined but remains cautious, with liquidity reduced at year-end, and vigilance is needed as we enter 2026. Short-term range-bound fluctuations, what do you think?
