Bitcoin's price is poised for potential volatility as $23 billion in options are set to expire on December 26. Traders have adopted defensive positions, with implied volatility dropping to 44% ahead of the expiry. Key events in January, such as MSCI’s index decision and call-overwriting flows, could further influence volatility indicators. Despite the looming expiry, put-heavy flows and long gamma dealer positions have maintained price stability through the year-end.