$23.7 billion worth of Bitcoin options will expire on Friday, with major positions concentrated around the strike prices of $85,000 and $100,000.

Bitcoin prices fell below $90,000 two days before Christmas, reaching approximately $87,400 on December 23, continuing a multi-week upward trend that stalled. The record-breaking options expiration this Friday was the main driver, with approximately 300,000 Bitcoin options contracts (with a notional value of about $23.7 billion) expiring, representing more than half of Deribit's open interest in Bitcoin. Deribit's Chief Business Officer stated that the expiration amount reached $28.5 billion, including Bitcoin and Ethereum options, double the amount from last year. Despite this, the market remains orderly. Current market positions are primarily concentrated around the strike prices of $85,000 and $100,000.