From the end of 2023 to the beginning of 2025, the Bitcoin options market has experienced multiple expiration events, showing a clear pattern: volatility is suppressed before expiration, then releases and trends upward. The gamma hedging mechanism causes the market to oscillate within a specific range, and decreased liquidity amplifies this effect. After expiration, the market often experiences a rapid rebound, and analysts expect volatility to increase and a directional breakout to occur after the large expiration in December.