$23.7 billion worth of Bitcoin options will expire on Friday, with major positions concentrated around the strike prices of $85,000 and $100,000.
PANews reported on December 23 that, according to The Block, Bitcoin prices fell below $90,000 two days before Christmas, reaching approximately $87,400 on December 23, continuing a multi-week upward trend that stalled. The record-breaking options expiration this Friday was the main driver, with approximately 300,000 Bitcoin options contracts (with a notional value of about $23.7 billion) expiring, representing more than half of Deribit's open interest in Bitcoin. Deribit's Chief Business Officer stated that the expiration amount reached $28.5 billion, including Bitcoin and Ethereum options, double that of last year. Despite this, the market remains orderly. Current market positions are mainly concentrated around the strike prices of $85,000 and $100,000.
Market liquidity declined significantly, with Bitcoin perpetual contract open interest decreasing by approximately $3 billion overnight and Ethereum by approximately $2 billion. Analysts believe that the market volatility during the Christmas week was largely mechanical and that mean reversion is expected after market participation recovers in January. Data shows that as of December 23, Bitcoin has fallen 6% year-to-date and nearly 20% over the past six months, potentially marking its worst fourth-quarter performance in eight years.
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