December 26, 2025 Key News Highlights: Options Expiration, Low Liquidity, ETF Funds Outflows Dominate the Market, BTC/ETH Continue Narrow Range, Intraday Volatility May Be Amplified by Options Expiration.

1. Key Events and Market Impact

- Large-scale Options Expiration (December 26): Approximately $28.5 billion worth of BTC+ETH options on Deribit are expiring, including about $24 billion in BTC (over 300,000 contracts) with strike prices concentrated at $85,000/$100,000; approximately $4.5 billion in ETH, with strike prices focused at $2,900/$3,000. After expiration, gamma hedging effects diminish, and low liquidity can trigger sharp short-term volatility.

- Liquidity and ETF Funds: Global trading volume shrinks during the Christmas holiday, with BTC trading volume down over 45% compared to usual; on December 24, BTC spot ETF net outflows of $175 million (IBIT outflow of $91.37 million), ETH ETF net outflows of $57 million (ETHE outflow of $33.78 million), institutions remain cautious.

- BTC Anomalous Volatility: On December 24, Binance BTC/USD experienced a "flash candle," with the price plunging from $87,600 to $24,100 and then quickly rebounding near $87,000, suspected to be caused by liquidity gaps leading to abnormal quotes, not genuine selling pressure.