This Thursday is a special day—the largest options expiration in the crypto derivatives market in 2025.

How shocking are the numbers? BTC alone has $23.6 billion, ETH adds another $3.8 billion, with the total market cap between $275 billion and $285 billion, accounting for more than half of the open interest in platform-wide options contracts.

Here's the question. Holidays are already slow, and liquidity is thin. At this moment, market makers start to hedge gamma risk wildly, with one buy order triggering a chain reaction. Small fluctuations are amplified into large swings, and a positive feedback loop is initiated. You will see open interest skyrocketing like a rocket, behind which institutions are deepening their布局.

One data point particularly illustrates the issue—the Max Pain point is stuck in the 95k-96k range. The ratio of call options to put options is only 0.38, clearly indicating a bullish bias. Major players tend to pull the price toward this level, causing most options traders' positions to go to zero. Currently, BTC is fluctuating around 85k-90k. Once this expiration wave passes, gamma pressure is released, and the price will either break upward or bottom out downward—either way, it won't be calm.

History shows that large options expirations often trigger intense short-term volatility. This time won't be an exception. For short-term traders, this presents both high risk and high opportunity; but for holders, this kind of technical turbulence is at best noise—don't get dizzy from it.

Honestly, this "Boxing Day" event is actually an important milestone indicating that the crypto derivatives market is moving toward institutionalization and maturity in 2025. No matter how it ends, the market has already reached a new dimension of complexity. The key is to watch the pace of gamma release and when liquidity returns after the expiration—perhaps the real show is just about to begin.