On December 26, 2025, a major structural pressure on Bitcoin expires.
Around $6.1B in upside call options vanish if $BTC settles below $90K.
This isn’t a prediction. It’s mechanics.
Those calls sit above spot. If BTC doesn’t reach them, they expire worthless.
What matters is dealer hedging.
Dealers hedge sold calls by buying spot as price rises.
That flow has been capping upside for months not sentiment, structure.
At expiry, if BTC is below $90K, those hedges disappear.
Nothing is forced to sell. No liquidations.
The market doesn’t lose a floor.
It loses a ceiling.
Upside suppression turns off.
This doesn’t guarantee a rally or direction.
It simply resets the rules.
The real question comes after
once structure steps away, does real demand show up?
