#数字资产市场动态 Bitcoin options expiration drama unfolds today—$23.7 billion in contracts are expiring, and the market is witnessing a fierce battle between bulls and bears.

Prices are stubbornly holding around $88,000, with neither side willing to back down. According to contract data, the most concentrated options are the $85,000 puts and the $100,000 calls. These two strike prices act like magnets, attracting continuous capital testing.

On the day of expiration, market makers face enormous hedging positions. Coupled with the holiday season when global exchanges are sparsely staffed and liquidity is thin, this can easily trigger the Gamma effect—simply put, prices may suddenly surge, and volatility could be extreme in a short period.

Looking upward, if Bitcoin can hold steady above $88,000, the next target is the $90,000 psychological level; looking downward, if it breaks below $88,000, the $85,000 line becomes the last line of defense. Falling below that level could open up significant space for further decline.

The outcome of this expiration directly impacts Bitcoin's trajectory in the near future. Participants need to stay alert to risks and do their homework.