Bitcoin trades at 125,590,000 KRW... Market takes a breather before unprecedented options expiration

The virtual asset market entered a correction phase during the holiday period. Bitcoin (BTC) traded at 12,559,000 KRW, down 1.39% compared to 24 hours ago. In the short term, it remains within the range of 8,500,000 to 9,000,000 KRW, exhibiting a box pattern.

Today marks the largest virtual asset options expiration in history, with contracts worth approximately $2.37 billion to $2.8 billion set to expire. On the Deribit platform, over 267,000 Bitcoin contracts will expire, with open interest in call options significantly higher than in put options (roughly a 3:1 ratio). Analysis indicates that the maximum pain point is around 9,500,000 KRW.

Ethereum (ETH) traded at 4,210,000 KRW, down 1.26%. A total of 1.28 million contracts are about to expire, with a put/call ratio of 0.45. The maximum pain point is estimated at 3,100,000 KRW. As market attention shifts to March-expiring call options, future price movements are highly anticipated.

Ripple (XRP) traded at 2,645 KRW, down 2.45%; Solana (SOL) fluctuated around 175,206 KRW, but its percentage change data showed a temporary anomaly.

The world’s largest asset management firm, BlackRock, recently transferred 2,292 BTC and 9,976 ETH to Coinbase, then repurchased some assets. Market assessments suggest this was a portfolio rebalancing move rather than a simple sell-off, with total assets still maintained at approximately $77.6 billion.

Experts analyze: “In the context of reduced trading volume during the holiday, institutional investors’ options expiration strategies may trigger increased short-term price volatility.” They also note, “Whether Bitcoin can break through the 8,500,000 to 9,000,000 KRW range will be a key variable in determining the market’s subsequent direction.”

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