China Fund News: Huge options expiration triggers Bitcoin volatility

In the early morning of December 28, Bitcoin suddenly accelerated its decline, falling to nearly $93,000 during the session, but quickly recovered and is now back above $94,000. According to Coinglass data, in the past 24 hours, 92,500 people worldwide were liquidated, with a total liquidation amount of $241 million. According to media reports, on December 27, Bitcoin ushered in an option expiration date worth $14.27 billion, of which the option holdings with a strike price of $90,000 were the largest. Data from Deribit, a derivatives exchange that occupies 72% of the Bitcoin options market, showed that the open interest of call options was $8.45 billion, while the open interest of put options was $5.82 billion. Data shows that the crypto derivatives exchange Deribit ushered in a record $43 billion in open interest expiration on Friday, including $13.95 billion in Bitcoin options and $3.77 billion in Ethereum options. Industry insiders said that the market on Friday became unusually volatile as market makers may close their hedge positions and short positions on Bitcoin. At the same time, Zaheer Ebtikar, founder of cryptocurrency fund Split Capital, previously said that the market was hovering around $100,000, and it seemed that big funds were satisfied with this level and were ready to end this year's trading. (China Fund News)