Analysis: Bitcoin Options with Nominal Value of Approximately $23.8 Billion Set to Expire on December 26, End of Year May See Concentrated Clearing and Repricing of Risk Exposure

According to reports, on-chain data analyst Murphy stated that Bitcoin options with a nominal value of approximately $23.8 billion are set to expire on December 26, covering quarterly options, yearly options, and a large number of structured products. This means that the BTC derivatives market will face a concentrated clearing and repricing of risk exposure at the end of the year, with prices potentially being structurally constrained before expiration, but uncertainty rising afterwards. Data shows significant open interest (OI) accumulation at two closest positions to the current BTC spot price: 14,674 BTC at $85,000 Put and 18,116 BTC at $100,000 Call. This is not retail behavior but rather large-scale long-term funds, likely entities such as ETF hedging desks, BTC treasury companies, and large family offices holding significant amounts of BTC spot. The Put at $85,000 strike price is dominated by buyers, reflecting strong downward risk hedging demand in the market at that level. Similarly, the significant Call OI accumulation at the $100,000 strike price does not necessarily indicate bullish sentiment, but rather long-term funds willing to relinquish upside potential at that level in exchange for current cash flow certainty and overall risk control. By buying Put options below and selling Call options above, the distribution of BTC returns is compressed within a manageable range. With OI already well-formed, this $85,000-$100,000 options corridor will structurally impact BTC prices before December 26, with implicit upward pressure, passive buffering downward, and fluctuation within the middle range.

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