Overview
- Bitcoin stayed confined to roughly $86,500–$90,000 after the Dec. 26 expiry, with price stability masking elevated near‑term tension.
- A record options roll-off estimated between $23.7 billion and $28 billion released some mechanical pinning, with prior gamma walls near $85,000 (puts) and $90,000 (calls) having constrained moves.
- Spot Bitcoin ETFs posted $175.3 million in net outflows on Wednesday, removing a structural bid as year‑end liquidity thins.
- Participants are watching $85,000 as key support and a reclaim of $90,000–$94,000 for confirmation, noting that large expiries often precede 48–72 hours of higher volatility.
- Analysts flag gold’s strength as a potential cue for renewed risk-taking, while CryptoQuant’s BCMI below equilibrium underscores softer short‑term internals.