Bitcoin investors are on edge as a massive $19.8 billion options expiry looms on Dec. 27. The recent surge past $100,000 has left bearish traders scrambling, while bulls eye a new all-time high. With $12 billion in call options and $7.8 billion in puts, the market is buzzing. Deribit leads the options market, holding a 72% share.

Institutional interest is strong, with ETFs pulling in $4.5 billion in early December. MicroStrategy and MARA Holdings have made significant Bitcoin purchases, fueling optimism. As the expiry nears, bulls aim for prices above $105,000, while bears hope to drive it below $95,000 to minimize losses.