Bitcoin Holds Under $90K Ahead of Record-Breaking Options Expiry on Friday as Deribit Hits $28.5B in BTC/ETH Contracts

During the Christmas trading session, crypto markets exhibited thin liquidity as year-end positioning dominates activity. A concurrent rally in precious metals drained available capital from risk assets, helping keep Bitcoin trading modestly below the $90,000 level. Market participants described a quiet tape that could limit intraday price discovery, while macro headlines continue to influence investor risk appetite and cross-asset correlations.

All eyes are on the forthcoming BTC options expiry this Friday, which analysts anticipate could amplify short-term volatility. Roughly 300,000 BTC options contracts—notional value around $23.7 billion—are set to expire, accounting for more than half of Deribit’s outstanding BTC exposure. The concentration of expiry across a single venue could provoke gamma-driven moves near pivotal strike levels.

Deribit Chief Commercial Officer Jean-David Pequignot characterized the period as record-breaking, with about $28.5 billion in BTC and ETH options poised to expire—roughly double the volume seen a year earlier. While risk controls remain in focus, the convergence of liquidity flow dynamics and a peak in expiry activity underscores potential for elevated near-term volatility.