There are three events in December that could shake up the entire market and are worth keeping a close eye on.

First up is the Fed’s interest rate decision on December 11. The market is now pricing in an 87% chance of a rate cut. If the Fed suddenly surprises with a policy shift, global assets could take a wild ride.

Next is the Bank of Japan’s policy meeting on December 19. The key question is whether Japan will actually start raising rates this time. If the yen policy really does shift, global liquidity could tighten, and a liquidity squeeze is no joke.

The most exciting event comes last: the annual BTC options mega-expiry on December 26. The notional value of expiring options is around $23 billion, and bulls and bears are fighting over two key price levels: the $100,000 max pain point and the $84,000 put open interest peak. How this battle ends will directly determine the market’s direction at year-end.

Three time points, three forces intertwining—December is bound to be anything but calm.