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$BTC December 26, 2025 (Today is the annual major settlement), with a notional value of approximately $23.6 billion, and the largest pain point around $96,000.
Before expiration: Due to the Christmas holiday, market liquidity is thin, combined with rising precious metal prices, Bitcoin prices have been trading narrowly between $85,000 and $90,000, with gamma hedging strongly suppressing volatility.
After expiration: It is expected that the "cage" will disappear after settlement, and market volatility will significantly increase, potentially breaking above the $90,000 range. Some analysts are optimistic about approaching $100,000. This information is money; understanding and acting on it can turn into real gains.