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 rights of option buyers that were not exercised flow back, and funds are rebalanced in the market. At this year-end point, institutions are also redeploying positions for 2026, signaling the start of a new round of risk exposure.
Options market makers' positions expire, hedging positions are解除 or adjusted, the overall market remains net short, and buybacks or buying pressure may form, but there are many uncertainties, so this is just a validation.
The key is the Gamma structure. The 89k - 90k positive Gamma is very strong. Previously, it limited price breakthroughs. Now, with options expiring, the positive Gamma phase is temporarily解除, and the 90k “cover unveiling effect” is coming.
When liquidity, hedging, and Gamma restrictions change simultaneously, the market has conditions to break out of a single-sided trend, but the direction is unclear. The historical pattern is that expiration occurs on Friday, the market consolidates over the weekend, and a direction is given on Monday. This time may be no exception. $ETH $BNB $SOL
Personally, I believe that 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!