On December 20,

Bitcoin continues to plummet,

falling below $93,000 during trading,

tomorrow will be a stormy day.

Will it be calm?

Or will it be a song of triumph?

This Friday,

the largest scale in history,

Bitcoin options contracts are about to expire, with a total value of $14 billion, which may trigger severe market fluctuations. The ratio of put options to call options for this expiration is 0.69, meaning that for every 10 call options, there are 7 put options. At the same time, the number of contracts expiring this time is double that of contracts expiring in March 2025.

Strijers further explained that the expiring contracts account for 44% of the total outstanding Bitcoin options contracts (totaling $32 billion). Deribit Exchange expects that more than $4 billion of contracts will expire and be executed, which will undoubtedly trigger a large amount of trading activity. Deribit's volatility index (DVOL) has recently fluctuated dramatically, and Strijers pointed out that this indicates that traders still have significant disagreement about the future trend of the market.

Before the appearance of a 'bullish trajectory' in the first quarter of 2025, short-term price volatility remains the most likely scenario: 'Bulls should maintain Bitcoin's price at the $90,000 level by the end of the year, but if it falls below this level, it may trigger further liquidations.'

Cryptocurrencies have always been regarded as high-risk assets, subject to strict scrutiny from regulatory agencies, but this situation has changed recently in the United States. As Wall Street institutions pay more attention to cryptocurrencies, U.S. regulators have approved cryptocurrency funds, increasing their mainstream appeal. Since the launch of the Bitcoin ETF on January 11 of this year, it has been favored by investors, with net inflows exceeding $35 billion to date, while the value of Bitcoins held exceeds $110 billion, accounting for 5.71% of the total circulating supply of Bitcoin.

This Tuesday, the most popular Bitcoin ETF - BlackRock's IBIT set a record for the largest single-day outflow ever, reaching $188.7 million, surpassing the record high of $72.2 million set on December 20. The Bitcoin ETF has recorded net outflows for the fourth consecutive trading day. Since December 19, the cumulative net outflow of the 12 U.S.-listed Bitcoin ETFs has reached $1.52 billion.