Boxing Day today, the crypto options market is ushering in a major event—Deribit is about to experience the largest options expiration in history, with a total notional value exceeding $27 billion, including over $23.6 billion in BTC.

This gamma flush is unprecedented in scale. In the short term, once the pinning effect dissipates, implied volatility could decline rapidly—this is a common phenomenon before and after options expiration.

The max pain price range is locked between $95K and $100K. Historically, large expirations often lead to a clear directional breakout rather than narrow consolidation. The current open interest structure is tilted towards bullish positions, which means that if the price breaks through $90K, it could trigger a chain reaction.

In the past couple of days, traders have been watching this timing closely, as such a large expiration can influence short-term price movements.