This Friday, December 26th, will witness a massive options expiration event — over $23 billion in positions are set to settle on this day. This is not just a number; it represents real pressure on market liquidity.

Why should you pay attention? Both outcomes after options expiration will directly impact the spot market: either positions are forcibly liquidated or hedging demands trigger chain reactions. Considering that liquidity is already relatively weak during the year-end holiday period, even relatively small amounts of capital can cause noticeable market fluctuations.

Key price levels for BTC need close monitoring. Gamma risk is concentrated between $86,000 and $110,000, with around $96,000 becoming the market’s biggest pain point. From the activity on the options chain, the bearish positions at $85,000 are declining in popularity, while the bullish demand near $100,000 remains active, reflecting a market that is both optimistic and cautious about the future trend.

Traders need to keep it simple: be prepared for volatility, strictly implement risk management strategies in short-term trading, as these key levels can be broken unexpectedly at any time.