A cryptocurrency trading platform cited recent options activity, stating that investors are anticipating a significant decline in Bitcoin after it failed to reach a new high of $100,000. Bitcoin reached an all-time high of $99,830 on November 22, but has since dropped over 8%, falling to a one-week low of $91,377.32 on Tuesday. Nick Forster, the founder of the on-chain options decentralized exchange Derive, commented on Tuesday that as market participants have shifted to adopt more protective strategies, the Bitcoin call-put skew index expiring on December 27 has significantly dropped by 30% in the past 24 hours. Forster said, "This indicates that traders are hedging against potential downside risks. However, such pullbacks are not uncommon in a bull market." Investors are eyeing December 27, when $11.8 billion in Bitcoin options will expire, which could trigger significant volatility in either direction. Derive's data also shows that the probability of Bitcoin reaching $100,000 has increased from 34% last week to 45%. Forster also noted that Bitcoin's volatility over the past seven days has remained stable, with a seven-day implied volatility of 63% and a 30-day level of 55%. "This tight consistency indicates that the market is expecting significant volatility to occur soon."