Bitcoin falls below $88,000! $28.5 billion Deribit options are set to expire, and the market is on high alert.

The Crypto Assets market today (23rd) is experiencing selling pressure, once again falling into a volatile correction. Bitcoin briefly surged above the 90,000 USD mark last night but could not maintain its support, quickly reversing downwards and falling below 88,000 USD this morning; Ether also struggled against the downward trend, simultaneously losing the 3,000 USD threshold.

Bitcoin has recently been fluctuating sharply in the range of 85,000 to 90,000 US dollars, mainly because the market is on high alert for the upcoming super settlement day on Friday (26th). The world's largest cryptocurrency derivatives exchange, Deribit, will have Bitcoin and Ether options expiring with a total value of up to 28.5 billion US dollars.

Deribit Business Director Jean-David Pequignot pointed out that the scale of this settlement amount is unprecedented, accounting for more than half of the platform's $52.2 billion in open interest.

He added that the year-end deadline “symbolizes the conclusion of a whole year,” and this year's core feature of the market has shifted from the past speculative cycle to a more institutional, policy-driven “super cycle.”

The market continues to pay attention to the so-called “maximum pain price” — that is, the coin price may converge towards the strike price where option holders experience the greatest loss before expiration. Although this theory remains controversial, it is still a basis for some traders' positioning.

Jean-David Pequignot stated that the current biggest pain point for Bitcoin is priced at 96,000 dollars.

However, the downside risks cannot be ignored. He warned that the put options with a strike price of $85,000 have accumulated an open interest of up to $1.2 billion. Once selling pressure emerges, these positions may become accelerators that drag down the coin price.

Nevertheless, the bulls have not completely retreated. The market still sees a mid-term call spread strategy locking in prices between $100,000 and $125,000, indicating that the medium to long-term bullish sentiment remains; however, he also admits that the short-term hedging costs (protective puts) have significantly increased, reflecting the market's ongoing wariness about recent volatility.

Jean-David Pequignot added that traders are not in a hurry to close their defensive positions, but instead choose to “roll over” to the next month. Specifically, market funds are shifting from put options expiring in December with strike prices between $85,000 and $70,000 to a spread of put options expiring in January with strike prices between $80,000 and $75,000.

In other words, although investors have taken basic precautions against short-term risks before the end of the year, they still maintain a high level of risk awareness regarding the market trends in early 2026 and do not dare to let their guard down.

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Disclaimer: This article is only intended to provide market information. All content and opinions are for reference only and do not constitute investment advice, nor do they represent the views and positions of the blockchain community. Investors should make their own decisions and trades, and the author and the blockchain community will not bear any responsibility for any direct or indirect losses arising from investors' trades.
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Tags: BTCDeribitETHEther Analysis Expiration Crypto Assets Market Coin Price Investment Options Open Interest Bitcoin Market Trend Options