About $23.6 billion worth of Bitcoin (BTC) options are set to come off the books on Friday, December 26, marking the largest BTC options expiry in history.
More specifically, open interest data on CoinGlass as of December 23 shows a heavy concentration of call options between $100,000 and $120,000, signaling that many traders are positioning for further upside.
On the downside, put options are clustered around $85,000, suggesting key support levels are being closely watched. The so-called Max Pain Levels, the price at which option holders would suffer the greatest losses, sit near $96,000.
Bitcoin open interest by strike price. Source: CoinGlass
To put things into perspective, this year’s $23.6 billion can be compared to $19.8 billion last year and $11 billion in 2023.
One of the most significant Bitcoin events
Despite the sheer size of the expiry, positioning can be viewed as constructive. Namely, the put-to-call ratio stands at 0.38, so traders appear to seek upsid
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