🎄 Market Holding Its Breath: Bitcoin & Altcoins Go Silent as $28B Options Expiry and US Jobless Data Loom
Crypto markets are moving into wait-and-watch mode this Christmas week, with prices drifting sideways as traders step back and liquidity thins out. The calm isn’t accidental it’s the result of heavy macro anticipation, holiday positioning, and one of the largest options expiry events of the year.
Bitcoin is hovering around the $87,000 zone, struggling to pick a clear direction after ranging between $86,800 and $88,100. Ethereum has slipped below $3,000, while majors like BNB, XRP, SOL, and TRX are all posting mild pullbacks. Nothing is crashing but nothing is flying either. This is classic pre-event compression.
Behind the scenes, risk appetite is clearly cooling. Total crypto market cap has dipped to $3.02 trillion, futures open interest is down to $128.1 billion, and spot trading volume has dropped sharply as traders lock in profits and head into the holidays. The Fear & Greed Index sitting at 24 (Extreme Fear) tells the story confidence is fragile, and positioning is defensive.
Adding to the tension is a massive $28 billion options expiry scheduled for Friday, which historically brings volatility spikes once the event passes. Until then, traders prefer capital preservation over aggressive bets. Smaller-cap tokens are already feeling the pressure, with names like NIGHT, PUMP, and UNI seeing deeper pullbacks than majors.
The key trigger now is U.S. Jobless Claims data, expected later today. Forecasts suggest 223K–225K claims, and any upside surprise could strengthen the case for future rate cuts something crypto bulls are watching closely. A softer print could act as the spark for a post-holiday breakout, while hotter data may extend the sideways grind.
Bottom line:
This isn’t weakness it’s suppressed energy. Markets are coiling, liquidity is light, and once macro clarity arrives and options expire,
Sometimes the quietest days come right before the loudest moves.
