Bitcoin Options Worth $23.6B Set to Expire Dec. 26 in Largest-Ever Expiry

Bitcoin options with a notional value of about $23.6 billion will expire on Dec. 26, marking the largest options expiry in the asset's history and potentially amplifying short-term BTC volatility once market makers unwind related hedges, data analyst Murphy said. Murphy noted that support and resistance created by the current options structure may temporarily weaken until participants rebuild positions and a new capital profile forms. A BTC pullback toward the prior low around $80,000–$82,000 during this window could offer a short-term rebound opportunity rather than necessarily signaling the start of a new major downturn, Murphy added. Murphy also highlighted bullish divergence on a small scale in the "price vs. incremental capital gradient" indicator, which measures the relative momentum between BTC price moves and actual capital inflows, noting that in 2024–2025 and 2021–2022 four such bullish signals were followed by rebounds or even trend reversals in BTC, although current bearish-leaning sentiment suggests a rebound is more likely than a full reversal.