Bitcoin’s $55 billion options market is now obsessing over one specific date that forces a $100k showdown

Bitcoin's options market, with total open interest near $55.76 billion, is showing unusual concentration, particularly on the Deribit exchange. The market's focus is heavily tilted toward the December 26, 2025 settlement date, where a significant volume of contracts, especially calls, are struck around the $100,000 level. This positioning map indicates where hedging activity is heaviest; option sellers must manage risk in the spot and futures markets as prices approach these crowded strikes. The gamma exposure is concentrated between roughly $86,000 and $110,000, suggesting that price action may stall or accelerate around the $100,000 mark as dealers adjust their hedges. The concentration around year-end is partly due to funds tidying risk before the new year. For investors, these crowded strikes and expiries act as liquidity landmarks where intraday behavior can become sticky, and max-pain readings reinforce the $100,000 focus for the year-end cluster.

(Source：CryptoSlate)