Overview

• Roughly $18 billion in Bitcoin options, part of about $22.3 billion in crypto contracts, expire today at quarter end, according to Deribit.
• Analysts highlight concentrated short‑gamma exposures around $108,000–$115,000 that can pin price near key strikes into expiry.
• A decisive break below roughly $108,000 could force dealer selling, with one estimate pointing to downside risk toward about $96,000.
• Bitfinex expects subdued moves into the cut and clearer direction 24–72 hours afterward, with $115.2k and the $120k cluster flagged as inflection zones.
• The Core PCE inflation release is the immediate macro swing factor, while heavy year‑end call buying near $120k–$140k signals longer‑term bullish positioning.