Do you feel like Bitcoin's recent trend has been like being held down? It has been bouncing around in the $85,000 to $90,000 range for almost a month. And today—December 26, 2025—something big is coming. Approximately $23.7 to $24 billion worth of Bitcoin options are set to expire, which could be the largest single options expiration in cryptocurrency history.

The market now is like a spring being compressed to the limit, and these options expirations are the moment when it might be released.

Do you want to know why the price keeps fluctuating within this narrow range? Basically, it's market makers playing a "netting" game. They hedge their options positions, forcing the price into this confined range. Behind this is a technical term called Gamma effect—around $85,000, a large number of put options support the bottom of the buy-side; at $90,000, the Gamma of call options is holding back the upward movement.

Most importantly, the $96,000 level. This is the market's psychological barrier, also known as the so-called "maximum pain point" price. Once approaching this level, the release of momentum can be very intense.

From the perspective of options positions, the disagreement between bulls and bears has become intense. How this standoff will end depends on how today's expiration triggers market reactions.