The downward momentum in the crypto market today is quite fierce. BTC has suddenly fallen below $87,000, and SOL also failed to hold the $120 level. On the surface, it seems to be the old issue of liquidity drying up during Christmas week, but the real bomb is actually the upcoming options expiration — a record high of $23 billion in notional value.

First, let's talk about BTC. The impact of this expiration is unusual; the most feared level for shorts is around $96,000, but the put options at $85,000 are also no joke. In the past few days, we can see a clear "needle-like" movement, indicating that funds are continuously testing these key levels. Looking ahead, the board of Japan's Metaplanet has already approved plans to increase holdings to 210,000 BTC by the end of 2027, which provides a substantial fundamental support.

ETH faces more direct pressure. Recently, there have been large outflows from Bithumb, and institutions like Bitmine are also showing significant unrealized losses on their books, indicating a clear willingness to sell. The long-term logic of stablecoin settlement remains unchanged, but in the short term, the market is caught between derivative expirations and large holders cashing out. It is advised not to use excessively high leverage.

SOL is experiencing the most significant downward pressure. The price is struggling to hold around $120.4, and after breaking below an integer level, a large position's long position is increasingly in floating loss, and even adding to the position hasn't stopped the downward trend. Such a situation is unlikely to improve much before the options expiration is completed.