Bitcoin faces record $23.58B options expiry on Dec. 26 as implied volatility drops

Bitcoin will see its largest-ever options expiry on Dec. 26, with a nominal value of around $23.58 billion, while the spot price remains within its recent range, Glassnode said on Dec. 19. Over the past month, options trading has cooled and capital flows have decreased, reflecting reduced confidence in upside while demand for put protection persists, and the market is digesting more controlled price action. The at-the-money implied volatility is around 44%, more than 10 vol points below recent highs, and the 25-delta skew remains positive, implying puts are priced above calls. Glassnode said the record expiry will reset market positioning and market makers' risk exposure, and volatility could rise after the New Year following that reset.