COINOTAG News observes that with Christmas nearing, crypto market liquidity remains subdued. Despite gold’s elevated price, Bitcoin continues to trade in a defined range. Overnight data indicate BTC perpetual open interest declined by roughly $3 billion, while ETH perpetuals fell by about $2 billion, signaling deleveraging rather than new positioning. The liquidity squeeze elevates bidirectional risk into the holiday window. Historically, Bitcoin experiences 5%–7% swings during Christmas week, driven by end‑of‑year option expiries. This Friday features sizable expiries: about 300,000 BTC options (roughly $23.7 billion) and 446,000 IBIT options. Deribit open interest remains concentrated around key strikes, notably $100,000 and $85,000, with the largest pain near $95,000. Implied risk sentiment has eased modestly versus the last 30 days but stays mildly bearish. Year‑end tax‑loss selling could amplify near‑term volatility in thin liquidity, though history suggests a January mean reversion and a continued rangebound path absent a clear breakout.