#数字资产市场动态 BTC options expiration hits a new high, can the 23.7 billion USD in bullish funds hold the market?

This afternoon at 4 PM, a historic options expiration storm is about to unfold. 300,000 BTC options are expiring simultaneously, with the total scale soaring to 23.7 billion USD—plus Ethereum, the entire market’s pending delivery positions reach up to 28.5 billion USD, double the amount from the same period last year.

It sounds impressive, but the real issues are here:

**Market bets are one-sided**
The ratio of put to call options is only 0.38. What does that mean? Out of ten traders, nearly eight are betting on a rise. These bullish positions are heavily concentrated in the $100,000 to $120,000 price range—exactly the high levels not yet touched. If, at expiration, the price fails to break above this critical level, these options will become worthless.

**Liquidity trap**
Market liquidity during the Christmas holiday is already half of normal. Large hedge orders can easily trigger flash crashes or rapid price swings. Traders holding highly leveraged positions may have no time to react, facing the risk of liquidation directly.

**The crucial 24 hours before expiration**
If the price cannot break above $100,000, the expiration of the clustered call options means the buy orders that intended to take the other side will vanish instantly. Meanwhile, previously hedged positions will be concentrated in closing, and combined with the already fragile liquidity, this could cause a chain reaction.

The current issue is not about predicting the direction but about liquidity and risk management.