Another critical moment has arrived. On December 26th, the first trading day after Christmas, the crypto market is experiencing an unprecedented options expiration—$23 billion in Bitcoin options along with $28.5 billion in the entire crypto options market, totaling nearly $51.5 billion in positions set to expire.

To be honest, such a scale of volatility is reason enough to stay cautious. The current situation is somewhat surreal: call options are three times the size of put options, and the bull-bear ratio is only 0.38. What does this mean? The bulls are clearly betting on an upward trend.

According to Deribit data, the notional value of this expiration reaches as high as $27 billion, a new historical high. A large amount of capital is concentrated in the $100,000 to $116,000 range, indicating that institutions are quite optimistic about the subsequent market movement.

But it's not that simple. The gamma of put options near $85,000 has formed a clear downward support, while the $90,000 level is being held down by heavy call gamma, like a large stone. In this scenario, the price will either be supported or face a test.

The distribution of strike prices actually reflects the true thoughts of market participants—large funds' optimism may be justified, but short-term technical constraints are very real. The outcome of this options battle could directly influence the market trend over the next quarter.