Bitcoin Options Expiry Near $23.8B to Shape End-of-Year Repricing as Open Interest Concentrates at $85K Put and $100K Call
BTC
BTC/USDT
$28,761,415,632.06
$93,845.03 / $91,024.00
Change: $2,821.03 (3.10%)
+0.0019%
Longs pay
COINOTAG News on-chain analyst Murphy notes that roughly $23.8 billion of Bitcoin options are due to expire on December 26, spanning quarterly, annual, and large-structure products. The event could induce a concentrated risk-exposure re-pricing phase in the BTC derivatives market, with pre-expiry price rigidity and elevated uncertainty after expiry.
From the data side, open interest clusters near the spot: Put at $85,000 with 14,674 BTC and Call at $100,000 with 18,116 BTC. This pattern signals institutional hedging activity—ETF desks, BTC treasuries, and large offices—rather than broad retail.
An 85,000 put signals downside hedging demand; the sizable 100,000 call suggests long-term funds cap upside for cash-flow certainty. By buying puts and selling calls across this corridor, return distribution tightens into a manageable band.
With OI concentrated in the 85k–100k corridor, the path into December 26 may show upward pressure capped and mid-range volatility, a structural dynamic traders should monitor rather than a forecast.