$415M options pin Bitcoin in range - Can BTC hold $85K?
Bitcoin is facing a critical week as over $415 million in options contracts near expiry. The largest batch, worth $207.5 million, will settle on 26 December. Analysts warn this could trigger sharp price swings in the coming days.
The upcoming expiry is dominated by institutional players and derivatives-market participants. Deribit, the largest trading venue, holds most of the open interest, with bullish bets clustered around $100,000–$120,000 strike prices. At the same time, a significant concentration of put options sits near $85,000, totalling around $1.4 billion in open interest.
Bitcoin’s price has been stuck below $90,000 during this quarterly ‘triple witching’ period. On 19 December, a 3.08% move suggested buyers were stepping in at support levels. Yet the market remains range-bound, with no clear direction ahead of the expiry. The key zone to watch is $85,000–$88,000. Heavy put interest there could act as a magnet for the price, but hedging activity and gamma exposure may still cause wild swings. If bulls manage to defend this support through expiry, it could set the stage for a breakout into 2026. If not, further volatility is likely.
The next seven days will be pivotal for Bitcoin’s short-term trajectory. With institutional players holding large positions, the outcome of this expiry could shape market sentiment well into the new year. Traders are bracing for a period of heightened uncertainty.
