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When will the Santa rally come... Bitcoin, record-breaking 'options expiry' tension amid consolidation
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- Bitcoin was reported to have shown a consolidation phase during the Christmas holiday period, hovering around $87,000.
- It reported that market tension increased as about 300,000 Bitcoin options contracts are set to expire tonight.
- It said the notional value of the expiring options reaches about $23.7 billion, and large-scale expiries of contracts related to BlackRock's spot Bitcoin ETF 'IBIT' are also scheduled.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
During the Christmas holiday period, the virtual assets (cryptocurrencies) market showed a consolidation phase instead of the expected 'Santa rally'. Bitcoin edged down and hovered around $87,000, and at one point slipped to the $86,000 level intraday. Market attention is focused on a large options expiry scheduled for tonight.
On the 25th (local time), according to global crypto exchange Binance, Bitcoin (BTC) was trading at $87,160, down 0.8% from the previous day. At one point, Bitcoin's decline intensified, sliding intraday to $86,934. During the holiday period it appears to be maintaining a slightly weak trend without finding any special upward momentum.
Altcoins fell relatively more. Ethereum (ETH) recorded $2,897, down 1.68% from the previous day, surrendering the psychological support level of $2,900. Solana (SOL) was also pushed by selling pressure, breaking below the $120 level. As a result, the total market capitalization of virtual assets shrank to $2.94 trillion.
The key factor heightening market tension is today's 'record-breaking' options expiry. According to data from CoinGlass, about 300,000 Bitcoin options contracts are set to expire on the day. Their notional value alone amounts to about $23.7 billion.
When including Ethereum options, the total amount of derivatives expiring that day approaches $28.5 billion. This is twice as large as the same period last year. Contracts related to BlackRock's spot Bitcoin ETF 'IBIT' are also set to expire, about 446,000 of them.
