Christmas market not yet seen, Bitcoin adjusts as historic options expiration approaches

Source: HanKyungBlockchain Original Title: Santa Rally When... Bitcoin Pauses, Record-Breaking 'Options Expiry' Tension Amid Market Calm

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During the Christmas holiday, the cryptocurrency market did not see the anticipated "Christmas rally," but instead showed signs of correction. Bitcoin experienced a slight decline, hovering around $87,000, and even briefly dropped to the $86,000 range during the trading session. Market focus is on the large-scale options contracts expiring tonight.

According to data from global crypto asset exchanges, Bitcoin fell 0.8% on the day, with a trading price of $87,160. Bitcoin's decline widened at one point, with a low of $86,934 during the session. The market failed to find significant upward momentum during the holiday period, showing overall weakness and consolidation.

Altcoins experienced larger declines. Ethereum dropped 1.68%, trading at $2,897, losing the psychological support level of $2,900. Solana also faced selling pressure, collapsing below the $120 mark. As a result, the total crypto market capitalization shrank to $2.94 trillion.

The core factor behind the market's tense sentiment is the "historic" options contracts expiring today. Data shows that approximately 300,000 Bitcoin options contracts will expire today, with a notional value of about $23.7 billion.

Including Ethereum options, the total derivatives expiring today approach $28.5 billion, doubling compared to the same period last year. About 446,000 spot Bitcoin ETF-related contracts are also facing expiration.