Perfect Storm on Boxing Day
The record expiry of $28.5 billion in options puts #bitcoin against the ropes
The crypto market is going through a phase of "aggressive defense". After failing to consolidate above $90,000, Bitcoin and the main altcoins (#ETH , #SOL , #bnb ) have retraced, bringing the global market capitalization back to $3 trillion. These are the three pillars explaining the decline.
1. The "Century Expiry" in Options
Next Friday (Boxing Day) $28.5 billion in options for #BTC and ETH on Deribit will expire, doubling last year's figure. This event is the main catalyst for the current volatility. Although there is a "residual optimism" with bets towards $100,000, the greater concentration of contracts and the lack of liquidity due to the holidays are forcing traders to liquidate risks instead of rotating capital.
2. Exodus from Wall Street and Refuge in Gold
While Bitcoin ETFs in the U.S. suffered outflows of $142 million, capital seems to be migrating towards traditional safe-haven assets. Gold has reached historic highs ($4,450), a sign that investors prefer macroeconomic security amid political uncertainty and the upcoming announcement from Trump regarding the Fed presidency in January.
3. Lack of Continuity and "Dry" Liquidity
The market is operating with very reduced depth. This means that:
Rallies lack the strength to hold.
Open interest fell by $5 billion (BTC and ETH combined) in just one night.
The key: Experts believe these movements are "mechanical" (due to lack of volume) and not a fundamental trend change, expecting a reversal or relief for the month of January.
