On December 26, options worth approximately $23.8 billion will expire, making it the largest in BTC history.
By comparison, annual expirations totaled approximately $6.1 billion in 2021, $11 billion in 2023, and $19.8 billion in 2024. The rapid growth reflects increasing institutional participation in Bitcoin derivative markets.
According to analyst NoLimitGains, approximately 75% of the current gamma profile will disappear after this expiration. The mechanical forces that have kept the price in the range of $85,000 to $90,000 will practically vanish.
Once the December 26 deadline has passed, the suppression mechanism will end. This does not guarantee a specific direction; it simply means that Bitcoin will have freedom of movement.
If bulls manage to defend the $85,000 support until expiration, a breakout to the $100,000 level becomes structurally possible. Conversely, a breakdown below $85,000 in a low gamma environment could accelerate the fall.
Traders should expect high volatility towards early 2026 as new positions consolidate. The price action, constrained by the range over the past few weeks, is likely a temporary phenomenon driven by derivative mechanics, rather than a reflection of underlying market conviction.
