The largest Bitcoin options expiration ever: Tomorrow, December 27, 2025! Tomorrow marks the end of the largest options expiration in Bitcoin's history, with a notional value of about $23.6 billion (more than half of the total open interest), and with Ethereum options, the total exceeds $27 billion. Current situation (December 26): The price of Bitcoin is moving between $87,000 - $88,000, trapped all month between $85k and $90k due to the impact of 'gamma hedging' from traders (strong support at $85k from put contracts, and resistance at $90k from call contracts).
Fundamental analysis: Clear bullish trend: the sell-to-buy ratio is very low (~0.38), meaning buy contracts outnumber sell contracts by almost three times. Most open interest is at high levels ($100k - $116k), and the 'maximum pain' point is around $96k.
After the closing: the gamma effect fades, allowing for a strong bullish movement (upward breakout). Reports from Deribit and CoinDesk indicate a possibility of rising towards the mid-nineties or more (perhaps 100k+) by the beginning of 2026, especially with the weak liquidity during the year-end holidays which amplifies any movement.
Risks: Possibility of a drop (break below 85k if selling takes control), but the most likely scenario right now is a strong rise towards a new peak.
Warning for traders:
With this massive closing and the weak holiday liquidity, be very cautious! Avoid high leverage, and watch important levels:
Major support: $85,000
Resistance: $90,000 - $94,000. Do we expect a bullish wave to push Bitcoin to 100k+ or a sudden drop for liquidation? Share your opinion!
