Bitcoin Options Expiring on 26 December Poise Market for Year-End Repricing

On 15 December 2025, analysts highlighted that Bitcoin's year-end price behavior is being heavily influenced by a large cluster of options contracts expiring on 26 December, with a combined notional value of about $23.8 billion. Open interest is concentrated around put strikes near $85,000 and call strikes near $100,000, leading to tight downside-hedged and upside-capped trading strategies. This positioning is keeping Bitcoin range-bound for now, with expectations that volatility and broader repricing could pick up once the expiration window passes.