In the early hours of December 28, Bitcoin suddenly accelerated its decline, briefly dropping to nearly $93,000 during the day, but quickly recovered its losses and is now back above $94,000. Data from Coinglass shows that in the last 24 hours, 92,500 people globally were liquidated, with a total liquidation amount of $241 million. According to media reports, on December 27, Bitcoin experienced an options expiration day worth $14.27 billion, with the largest open interest at the $90,000 strike price. Data from the derivatives exchange Deribit, which occupies 72% of the Bitcoin options market, shows that the open contracts for call options are $8.45 billion, while the open contracts for put options are $5.82 billion. The data indicates that the cryptocurrency derivatives exchange Deribit faced a record $43 billion in open contracts expiring on Friday, including $13.95 billion in Bitcoin options and $3.77 billion in Ethereum options. Industry insiders say that market makers may close their hedge positions and short Bitcoin positions, which has made Friday's market exceptionally volatile. Meanwhile, Zaheer Ebtikar, founder of the cryptocurrency fund Split Capital, previously stated that the market is hovering around $100,000, and it seems that large funds are satisfied with this level and are ready to end trading for the year. (China Fund News)

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