Deribit has experienced the largest Bitcoin options expiration event in history. As of December 26, 2025, the notional value of contracts expiring reaches $23.6 billion — a figure that highlights how much the market is paying attention to this moment.

In terms of open interest distribution, market participants clearly lean bullish. A large number of call options are concentrated in the $100,000 to $118,000 strike price range, while put options have relatively weaker holdings and are more dispersed. This asymmetric position structure reflects the current optimistic market sentiment.

But it also means risks are accumulating. As the expiration date approaches, gamma hedging pressure will inevitably be released. Option sellers, in order to hedge exposure risk, will engage in reverse trading in the spot market — which will directly increase market volatility and give Bitcoin's price more room for downward movement.

In other words, don’t be blinded by the recent rally. During this time window, the spot market may face greater uncertainty.