【Analysis: Crypto Market Makers May Unwind Hedging, Potentially Leading to Market Volatility on Friday】On December 26, news from Sean McNulty, trading director at liquidity provider Arbelos Markets, stated: "MicroStrategy announced plans to issue more stock next year to purchase more Bitcoin, which has driven up Bitcoin prices. The market has a forward-looking attitude towards MicroStrategy's Bitcoin purchasing behavior, which is the main reason for the market's rise." According to documents submitted to the U.S. SEC on December 23, MicroStrategy is seeking to increase the authorized share count of Class A common stock and preferred stock. Year-to-date, Bitcoin has risen 135%, surpassing the returns of traditional investments like global stocks and gold. Additionally, Bitcoin options valued at $13.95 billion and Ethereum options valued at $3.77 billion on Deribit are set to expire on Friday, with the platform's open contract positions exceeding $43 billion, a record high. McNulty added: "Market makers may unwind hedging, which could lead to market volatility on Friday."

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