Options are showing that Bitcoin is heading into the final weeks of 2025 under intense pressure, with around $23 billion in contracts set to expire next Friday that threaten to amplify already-elevated volatility.

The amount accounts for more than half of all the open interest on Deribit, the largest Bitcoin options venue. The looming buildup shows traders are pricing in continued downside risk in what’s become an even more perilous market. Bitcoin saw price swings of over $130 billion within an hour during US trading on Wednesday, triggering a cascade of both long and short liquidations. The broader crypto market has fluctuated around the $3 trillion threshold.