Bitcoin Options Market Overview: $23 Billion in Contracts Awaiting Examination, Traders Gamble in "Put Skew"

【ChainNews】As 2025 approaches, the last few weeks are filled with tension in the Bitcoin options market. Next Friday, approximately $23 billion in contracts will expire, accounting for more than half of the open interest across the platform, which will likely further drive up the already high volatility.

What does market sentiment look like? The data speaks for itself. The 30-day volatility has rebounded to around 45%, while skew has been hovering near -5%, with long-term skew also anchored at the same level. The underlying logic is quite straightforward—traders are pricing in continued downside. The reason is not complicated: previously inactive wallets have been continuously selling off, suppressing spot prices, and now everyone is preparing for further declines in Q1 and Q2.

The distribution of positions around the December 26 expiration week is quite interesting. Call options are mainly concentrated at strike prices of $100,000 and $120,000, indicating some optimism about a rebound by year-end. But put options are the main players, especially at the $85,000 level, where a significant short position has accumulated. Supply and demand are clearly opposing each other here.

The next two events could change the situation. The first is the MSCI decision on January 15—if approved, companies holding more than 50% of their assets in crypto assets will be kicked out of the index, triggering a wave of hedging operations. The second is the re-emergence of covered call funding, which often indicates institutional or large investor positioning. The market is waiting, waiting for these catalysts to appear and for positions to be restructured.