$27 billion in options will expire tomorrow. Are you ready?
December 26 — the largest expiry in Deribit's history. $23.6 billion in $BTC, $3.8 billion in $ETH.
All December, Bitcoin has been in the cage of $85k–$90k. Dealers have hedged — buying the lows, selling the highs. The mechanics.
After the 26th — the cage opens.
Put-call ratio 0.38. Max Pain — $96,000. Calls at $100k–$116k.
Fear & Greed at 24. Extreme Fear.
Which direction will we run?
