Today, the crypto market is witnessing a historic moment with $23 billion in year-end options expiration. This is the largest nominal amount in crypto history and will have a significant impact on subsequent liquidity!

After expiration, liquidity is released, the collateral pledged by options sellers is unlocked, the premium for unexercised options flows back to buyers, and funds are rebalanced in the market. At this year-end point, institutions are also redeploying positions for 2026, marking the start of a new round of risk exposure.

Options market makers' positions mature, hedging positions are解除 or adjusted, the overall market remains net short, and buy orders may be replenished or formed, but many uncertainties remain, so this is only a validation.

The key is the Gamma structure. At 89k - 90k, positive Gamma is very strong, previously restricting price突破. Now, with options expiring, the positive Gamma phase is temporarily解除, and the “covering effect” at 90k has arrived.

When liquidity, hedging, and Gamma restrictions change simultaneously, the market is poised to break out of a single-sided trend, but the direction remains uncertain. The historical pattern is that expiration on Friday leads to sideways movement over the weekend, with a direction emerging on Monday. This time may be no exception.

Personally, I believe the 85k to 90k range is critical. This breakout may not necessarily be a false breakout. Market waves are surging—are you a surfer or an observer? If you find this useful, please like and share!