Bitcoin options worth approximately $23 billion are set to expire next Friday, and the market is already showing signs of increased tension. Implied volatility is climbing toward the 45 percent mark, signaling that traders are pricing in more uncertainty. Here's what's catching attention: the options market is currently skewing toward downside scenarios, which typically means there's more hedging activity around lower price levels. Whether this translates into actual downward pressure depends on how the spot market behaves over the next few days. For active traders, this expiry window could be a pivotal moment—watch the weekly closes closely, as they often determine whether volatility continues climbing or stabilizes.