Expiración de opciones de $24B de Bitcoin: ¿Un catalizador para una ruptura de $100K?

The cryptocurrency market has long been a theater of extremes, where speculative fervor and institutional gravity collide. Now, as Bitcoin approaches its largest-ever options expiry event-$23.6 billion in notional value set to settle on December 26, 2025-the question looms: Will this derivatives-driven pressure finally unlock a breakout toward $100,000, or will the market remain shackled by the invisible hands of gamma and delta hedging?

Derivatives-Driven Price Suppression

Bitcoin's price action in late 2025 has been eerily contained between $85,000 and $90,000, a range enforced by the mechanics of options trading. According to Coindesk, concentrated options gamma has created a "floor" near $85,000 and a "ceiling" near $90,000, with dealers aggressively hedging positions to offset directional risk. This dynamic has led to a self-fulfilling prophecy: dips are bought near $85,000 while rallies are sold near $90,000, creating a narrow band that suppresses broader volatility.

The November 2025 expiry, with $13.3 billion in notional value, offered a glimpse of this phenomenon. Despite a max-pain level of $102,000-a price point where the largest number of out-of-the-money contracts expire-Bitcoin traded significantly below this threshold, illustrating how derivatives activity can distort spot prices. The December expiry, however, is even more skewed. With a put-call ratio of 0.38, the market is heavily weighted toward bullish positioning, as traders have loaded up on call options with strike prices between $100,000 and $116,000. This imbalance suggests a structural bias for upward movement, but only if the gamma constraints dissolve.

Post-Expiry Volatility Unlocking

The December 26 expiry represents a potential inflection point. As Coindesk notes, the current range-bound environment is maintained by "heavy options exposure," with dealers hedging their books by buying dips and selling rallies. But as expiry nears, gamma and delta decay will reduce the need for such aggressive hedging, potentially freeing Bitcoin from its $85,000–$90,000 cage.

The mechanics of the expiry itself further tilt the scales. With $27 billion in open interest on Deribit and a max-pain point at $96,000, the post-expiry resolution is likely to gravitate toward the higher end of the range. This is reinforced by the skewed open interest: 92,692 BTC in call options versus 61,086 BTC in puts during November's expiry, a put-call ratio of 0.66 as reported by Coindesk. December's ratio of 0.38 amplifies this bullish bias, as more capital is tied to upside strikes.

Implications for a $100K Breakout

While the expiry may unlock volatility, reaching $100,000 will depend on whether the post-expiry momentum can overcome lingering structural headwinds. Data from Coinpaper highlights that Bitcoin's Volmex implied volatility index has hovered near one-month lows around 45, suggesting traders are not pricing in significant near-term risk. This complacency could backfire if the expiry triggers a cascade of liquidations or forced buying, particularly if the price closes near the max-pain level of $96,000.

However, a $100,000 breakout would require more than just derivatives-driven relief. Broader macroeconomic factors-such as the Federal Reserve's policy trajectory and macro fund flows-will determine whether the post-expiry volatility translates into sustained upside. As MEXC's analysis notes, Bitcoin's slip below key levels in November underscored the fragility of its bullish case. Yet, with the December expiry's call-heavy structure, the market may finally have the tailwinds to test those levels again.

Conclusion

Bitcoin's $24 billion options expiry is not merely a technical event-it is a collision of market psychology, institutional strategy, and algorithmic hedging. While the immediate post-expiry period could see a surge toward $96,000 or higher, a $100,000 breakout will depend on whether this volatility is harnessed by broader demand or dissipated by profit-taking. For now, the stage is set for a dramatic shift, but the script remains unwritten.