COINOTAG News notes that Glassnode has flagged a record Bitcoin options expiry, with an estimated $23.58 billion notional value set to lapse on December 26. The spot price remains range-bound, signaling cautious risk positioning as hedging needs evolve.

Over the past month, options activity has cooled and fund flows have declined, suggesting weaker upside conviction. Demand for downside protection persists via put options, while the implied volatility curve has retreated, indicating subdued hedging and limited upside leverage.

Arbitrage-driven activity remains dominant, and participants anticipate higher post-holiday volatility as market-makers reset risk exposures. The year-long expansion of the Bitcoin options market underscores growing hedging demand, making this expiry a key liquidity event for derivatives desks.