According to @glassnode, the large Dec 26 BTC options expiry lifted the put-call open interest ratio from 0.5 to 0.78. According to @glassnode, fresh call positioning since then has lowered the ratio by about 10% to around 0.71, indicating a renewed call-lean in positioning.

According to @CoinMarketCap, BTC is under pressure ahead of a $28B crypto options expiry, with surface volatility appearing quiet while positioning indicates non-trivial move risk (source: @CoinMarketCap, X post, Dec 23, 2025). According to @CoinMarketCap, the key trading debate is whether the move is already priced in or if a larger swing will emerge around the expiry window, highlighting event-driven volatility risk for BTC spot and derivatives (source: @CoinMarketCap, X post, Dec 23, 2025). According to @CoinMarketCap, this setup suggests traders should focus on positioning-sensitive risk management into the expiry and monitor options-driven flows that can affect BTC liquidity and intraday ranges (source: @CoinMarketCap, X post, Dec 23, 2025).