The crypto market has been lively during Christmas week. As we approach the options expiration date this Friday (December 26), the overall market sentiment has tightened — this is not a small event, but the settlement of Bitcoin options contracts worth $23.6 billion.

Last year, the same period only saw $19.8 billion, and this year it has doubled. In the open interest of a certain derivatives platform, nearly half of these expiring contracts are concentrated there. Normally, this might not be a big deal, but with liquidity already tight during the holiday season, this becomes a significant variable to watch.

**How are the bulls and bears positioned?**

One number best illustrates the situation — the put-to-call ratio is only 0.38. In other words, for every 100 call options, there are only 38 put options. This indicates that most market participants are not on the defensive but are betting on Bitcoin to continue rising.

Looking at the distribution of strike prices, the story becomes even clearer. The bulls have piled up call options in the $100,000 to $120,000 range, while the bears are heavily positioned at the $85,000 level. Neither side has an easy retreat — one wants to attack, the other to defend.

The most interesting point is the "maximum pain" level, roughly at $96,000. If this price is truly reached, most options buyers will incur losses, while options sellers will come out ahead. That’s why this level is particularly sensitive — it acts like a critical point in the game.