๐ Bitcoin Heads Into Record $23.6B Options Expiry on Dec 26
Bitcoin ($BTC ) is approaching a major market event as $23.6 billion worth of BTC options are set to expire on December 26 โ the largest options expiry in Bitcoin history.
This amount makes up more than half of total open interest on Deribit, the biggest crypto options exchange.
๐ Market Snapshot
โข BTC trading near $88,000
โข Holiday week = low liquidity
โข Higher chance of price swings
๐ How Traders Are Positioned
๐ Call options: Heavy interest between $100Kโ$120K, showing upside expectations
๐ Put options: Concentrated around $85K, marking a key support level
โ๏ธ Put-to-call ratio: 0.38, signaling bullish positioning despite volatility
๐ง Why This Expiry Matters
Market makers hedge options using spot BTC, which can:
โข Keep price pinned near major strike levels
โข Cause sharp moves after expiry when hedges unwind
Low holiday liquidity can amplify volatility.
๐ฅ Bigger Picture
โข 2023 expiry: $11B
โข 2024 expiry: $19.8B
โข 2025 expiry: $23.6B (record)
Combined $BTC + $ETH options โ $28B will settle Friday โ highlighting how institution-driven the market has become.
๐ฏ Final Take for Traders
This expiry may bring short-term volatility, not a long-term trend change.
๐ Watch $85K support
๐ Expect movement after expiry
๐ Manage risk during thin liquidity
