COINOTAG News, December 24, reports that Friday’s session will see roughly $23.6 billion in Bitcoin options expiring, the largest options expiry in BTC history. Market participants expect intense hedging activity that could influence BTC liquidity and short-term delta moves, as open interest compresses into the expiry window. The development highlights rising institutional engagement and a heightened sensitivity to macro cues in the crypto options market.

Analysts point to an upside skew in the options structure, with risk premium priced toward calls. The published data identify a maximum pain point near $96,000, a level that, if reached, could align with a constructive Bitcoin price outlook over the near term. Traders should monitor delta hedging flows and short-term volatility signals as the expiry unfolds.