On December 26th, options contracts with a nominal value of approximately $23.8 billion will expire simultaneously. This includes quarterly options, annual options, and a large number of structured products. This means the BTC derivatives market is about to face a "massive liquidation and re-pricing." Before expiration, prices may be influenced by the structural constraints of these positions; but once expired, it could lead to more uncertainty.

Data shows that the two key positions closest to the BTC spot price are heavily stacked with open interest(OI).

The first is the $85,000 put options(Put), with an open interest of 14,674 BTC. Considering BTC's current price is around $90,000, this position forms a clear concentration zone of put options. It has protective properties—being out-of-the-money(OTM) and near at-the-money.

The second is the $100,000 call options(Call), which is the largest single position in the entire structure, totaling 18,116 BTC. The logic behind this layout is clear: either believing that BTC will find it difficult to break above $100,000 before December 26th; or even if it does, being willing to settle at the $100,000 level.

This is not a retail trader’s play. In terms of scale, these positions are backed by large-scale, long-term funds. They hedge their BTC exposure by buying puts below and selling calls above, compressing the return distribution of BTC within a tolerable range.

Once this structure is formed, the $85,000 to $100,000 options corridor will have a noticeable market impact on BTC price before December 26th: invisible pressure from above, passive buffers below, and repeated fluctuations within the middle range. This is a typical options structural effect.