1️⃣ On December 28th, in the early hours, the Bitcoin market experienced a significant volatility event, with prices suddenly dropping sharply, approaching the critical psychological level of $93,000. However, the market quickly demonstrated its inherent resilience, successfully recovering from the decline through a series of trading activities, allowing Bitcoin prices to rise back above the $94,000 mark. This fluctuation not only attracted the close attention of a large number of investors but also triggered in-depth market analysis.

2️⃣ According to authoritative data from Coinglass, a total of 92,500 investors globally faced liquidation in the past 24 hours, involving an amount as high as $241 million. This figure highlights the high-risk nature of the Bitcoin market, especially during critical time points like options expiration. In fact, December 27th was a large-scale expiration day for Bitcoin options, with a total value reaching $14.27 billion, particularly notable for the open interest in options with a strike price of $90,000.

3️⃣ It is worth noting that the cryptocurrency derivatives exchange Deribit also welcomed a record $43 billion in open contracts expiring on Friday, including $13.95 billion in Bitcoin options and $3.77 billion in Ethereum options. This enormous scale of open contracts undoubtedly intensified market volatility. Industry insiders pointed out that market makers may have caused the unusual volatility on Friday in order to close hedged positions and short Bitcoin. Meanwhile, the viewpoint of Zaheer Ebtikar, the founder of cryptocurrency fund Split Capital, is also noteworthy; he believes the market is hovering around the $100,000 mark, and large funds seem satisfied with this level, preparing to conclude their trading for the year. Against the backdrop of Bitcoin halving, the market generally expects Bitcoin prices to rise, especially considering changes in Bitcoin reserves and significant purchases by tech companies, all of which may add more uncertainty to the future trend of Bitcoin prices.

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