2025-12-25 23:21:17

This Christmas Eve, the cryptocurrency market is far from peaceful.

At 8:00 PM Beijing time tonight, 88.89 million Plasma tokens will be unlocked; tomorrow, December 26th, approximately $23 billion worth of Bitcoin options will expire. Under the pressure of these two major events, the market has already sensed the coming storm.

**How tense is the current market situation?**

Bitcoin repeatedly tests around $86,500, once surging toward the $90,000 resistance but failing to break through, now stuck at $88,600. Ethereum is barely holding at $3,000, with no upward momentum. On the surface, it seems the market has calmed down during the holiday, but in reality, undercurrents are surging.

The most telling data is this: overnight, open interest in BTC perpetual contracts on major exchanges dropped by $3 billion, and ETH perpetual contracts decreased by $2 billion. This is not retail investors entering the market with leverage, but the market actively deleveraging.

Holiday liquidity is inherently weak, and small funds can cause large fluctuations. Now everyone is waiting, watching, and holding coins in anticipation. This is the most bizarre calm before the storm.

**What will happen when options expire?**

300,000 BTC options will expire tomorrow, meaning both bulls and bears are vying for pricing control. Whoever controls the price will determine the fate of a large number of options. The outcome of this showdown will directly influence the market’s next direction.

In other words: tonight may seem calm, but tomorrow could be the turning point.

BTC1.07%

ETH0.57%

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ImpermanentPhobia

· 4h ago

Christmas Eve is not peaceful, this headline is really bold... --- $23 billion worth of options expire tomorrow, this is either to dump or to pump, if you bet right you eat meat, if you bet wrong you eat dirt --- Deleveraging of 3 billion, indicating that big players are also panicking. During holidays, it's easiest to get trapped --- Being stuck at 88600 is really uncomfortable, just a little short of 90k but can't break through, feels like something big is brewing --- I believe in the weak liquidity during holidays, but I'm worried about a black swan event causing a sudden drop below support levels --- The fight for options pricing power... in simple terms, it's about who has more funds and can throw more money around. Retail investors are really powerless at such times --- The calm before the storm is indeed the most terrifying. If tomorrow is truly a turning point, those holding coins tonight should be mentally prepared --- Will the unlocking of Plasma's 88.89 million tokens cause a dump? Unlocking while options expire, timing is really perfect --- Everyone is watching... so I won't move either. Let's wait and see the show tomorrow before making any moves

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CodeAuditQueen

· 4h ago

What does deleveraging mean? Is it that large investors are sensing risks and actively avoiding them, or are they making room for a bigger sell-off? This logic has flaws.

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BankruptWorker

· 4h ago

Silent Night, Unpeaceful. This is the thrill I like. Whoa, $23 billion in options expire tomorrow. No matter what, we can't avoid this wave. Big funds are dumping, retail investors are bottom-fishing. I'm still watching the market, I'm really going crazy. Deleveraging is quite intense this time. It feels like tomorrow will be a life-and-death battle. Holding cash and observing... hope my orders don't get wiped out.

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SilentAlpha

· 4h ago

Christmas Eve is not peaceful, but I actually think it's pretty normal, anyway, just waiting for an explosion. Are you afraid of deleveraging? It really feels like a major event. 86,600 is just a hurdle, if you can't break through, you have to look down. Tomorrow's options expiration, I bet the bulls will be crushed. Plasma unlocked so many tokens, is this a warning of a dump? Low liquidity is a good time for institutions to dump, holiday harvest is in the plan. Why does Bitcoin seem a bit weak? 90k is completely out of reach. This calm before the storm is even more unsettling than a big drop. 230 billion in options, honestly, it's a moment of wealth redistribution. Holding onto 3000, and still claiming Ethereum is strong? I’d only believe that if pigs could fly.

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MetaLord420

· 4h ago

The eerie calm before the storm, I think tomorrow will either surge or plummet, it just won't stay flat, right?

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fomo_fighter

· 4h ago

Silent Night, not so peaceful. This time, it's really coming. Wait, $23 billion options? Is it crashing or soaring tomorrow? Contract liquidation is about to start, I better withdraw quickly. Retail investors have long since run away, now just waiting for the big players to fight each other. Getting stuck at 88600 means they just don't want to break through, a classic short-selling trap. Deleveraging indicates that the main players are accumulating, there will definitely be a show tomorrow. The phrase "underlying currents surging" is so accurate; on the surface, everything seems calm, but everyone is holding back their big moves.

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