The digital asset market is bracing for a massive structural shift as a record-breaking $28 billion in Bitcoin options is scheduled to expire on Boxing Day, December 26th.

This colossal volume, representing roughly 280,000 $BTC , is currently acting as a primary driver of volatility, potentially overriding standard market fundamentals.

Analysts are paying close attention to "max pain" levels and dealer hedging, as these mechanical forces often dictate price action during such large-scale settlement events. While the market has seen recent weakness, traders are divided on whether this expiry will lead to a relief rally or a continuation of the current downward pressure