On December 24, 2025, approximately 300,000 BTC options valued at about $23.7 billion are set to expire at 16:00, with combined BTC and ETH expiries reaching $28.5 billion—about double last year’s level. Analysts note a bullish tilt and a $96,000 max pain point, reinforcing upward momentum. Earlier figures cited a $23.6 billion BTC expiry, underscoring record scale and potential volatility.