2025-12-26 10:20:15

#比特币与代币化黄金对比 BTC options historical delivery event takes place today, breaking new records

This afternoon at 4 PM, the scale of BTC options delivery hit a new historical high—30,000 contracts are expiring for BTC alone, with a delivery amount of $23.7 billion. Coupled with Ethereum options worth $14.8 billion, the total market delivery volume surged to $28.5 billion, doubling compared to the same period last year. This scale is rare in the history of the crypto market.

The underlying risk signals behind the data warrant attention. Currently, the ratio of put to call options is only 0.38, meaning nearly eight out of ten traders are betting on the market rising. More concerning is that a large concentration of call options is clustered in the $100,000 to $120,000 price range—these are high-level bets.

If the price fails to reach $100,000 at delivery, these high-positioned call options will instantly become invalid. The expected absorption of buy orders by these options will vanish, potentially releasing reverse selling pressure. Positions previously hedged through options will face concentrated liquidations.

Another easily overlooked detail: during the Christmas holiday period, overall market liquidity shrinks significantly compared to regular trading days—at least by 50%. In this environment of thin trading volume, the impact of large hedge orders smashing the market will be amplified, easily triggering excessive volatility. For traders using high leverage, the consequence of delayed reactions could be forced liquidation.

In such high-risk delivery scenarios, the rational approach is to stay cautious and observe rather than blindly bet on a direction. The days of combined liquidity risk and hedging risk often test risk management skills more than betting ability.

BTC-0,34%

ETH-0,64%

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YieldWhisperer

· 10h ago

285 billion in settlement volume? This wave of bullish options stacking is just too outrageous, eight or nine out of ten are betting on a rise. How greedy can you get? Doing settlements at this time around Christmas is really bold. Liquidity has halved, and a single large order can cause a bloodbath. The $100,000 price point is tightly locked. If you don't hit it, everything will explode. Let's see who gets forced to liquidate. Risk management and such, most people don't listen. It's always a gambler's mentality. This is the real big show. There will be tears when the time comes.

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LightningAllInHero

· 10h ago

285 billion settlement volume? Wow, this scale is quite extreme, but 80% of people are all-in bullish... Isn't something bound to go wrong? Breaking 100,000 will reveal the true nature; will high-level options collectively die at that time? Coming out to dump during Christmas, that's really playing with fire. When liquidity is thin, dumping orders are the harshest; leveraged traders should reflect. Only warriors dare to be fully invested at such a node... Be cautious of the chain reaction from hedge liquidations; it's really important to watch your stop-losses.

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SchrodingerWallet

· 10h ago

$28.5 billion settlement? Wow, this scale is truly incredible, and the liquidity is still so poor. It might lead to a bloodbath later. I just want to know what 80% of people are thinking, piling up so many long orders during Christmas. They really have guts. At the 100,000 price point, concentrated stacking... feels like preparing to short the market. Something's not right. High-leverage brothers probably have to watch the market every second today, not daring to blink. So exciting. Those who still go all-in at this time are either brave or crazy. I'm just sitting back and watching the show. Liquidity is only 50%. The power of a big sell order hitting the market—just thinking about it makes me sweat for them. I really don't understand why they insist on settling during the holiday. Are they just inviting trouble for themselves?

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OnchainDetective

· 10h ago

28.5 billion in deliveries, over 80% of longs are stacked at high levels... This wave is probably going to get hit. Oh my, liquidity during the Christmas holiday is only at 50%. Selling off at this time can indeed amplify the effect tenfold. Look at the 0.38 put-to-call ratio, this is a typical scam coin tactic... Everyone is dreaming of 100,000. High-level options expiration will be over, and when the reverse selling pressure comes, these people will really have to close their positions. But it's also interesting— the more afraid you are, the easier it is to fall into a trap. Let's wait and see who gets swept out today.

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