$BTC The largest and most epic options expiration in Bitcoin history (approximately $23.7 billion - $28 billion) will be settled according to the following schedule:

Settlement Time (UTC): December 26, 2025, 08:00 AM
Beijing Time (CST): December 26, 2025, 4:00 PM (4 PM)

Note: Due to the Western Christmas holiday on that day, overall market trading volume is low (liquidity is thin), which may lead to more intense and “strange” volatility before and after the 4:00 PM settlement.

Now, let's look at similar historical situations (Bitcoin's large-scale options expiration market review):

1. December 29, 2023 (Annual Major Expiration)

Before expiration: The market was in an extremely suppressed state, with prices ranging narrowly between $42,000 and $43,000.

After expiration: As the 4:00 PM settlement concluded, the “cage” suppressing volatility disappeared, and BTC quickly surged in volume over the following days, initiating a one-sided rally toward $48,000 in early 2024.

2. March 29, 2024 (First Quarter Major Expiration)

Before expiration: The price showed a clear “magnet effect,” gradually approaching the “maximum pain point” at $69,500 from $67,210.

After expiration: After settlement, market volatility instantly amplified, and in the following days, the price experienced intense two-way shakeouts.

3. June 28, 2024 (Second Quarter Major Expiration)

Before expiration: Algorithmic suppression was very obvious, with the price repeatedly testing the $60,000 level, neither falling too deep nor rising too much.

After expiration: The support level became fragile after settlement, and the market chose to look for support downward, initiating a three-week period of downward correction.

4. September 27, 2024 (Third Quarter Major Expiration)

Before expiration: The price was locked near $63,000 due to Gamma suppression.

After expiration: Once the 4:00 PM settlement passed, bullish forces were instantly released, and BTC surged strongly within 48 hours, firmly standing above $65,000, establishing a stage bottom at that time.

The scale of this expiration on December 26 at 4:00 PM is about $28.5 billion, making it an epic scale. Based on historical patterns, the more tormenting the volatility before 4:00 PM, the more疯狂 the “opening of the cage” movements after 4:00 PM may be.