Bitcoin market volatility is expected to increase as approximately $23 billion in Bitcoin options contracts are set to expire next Friday. This amount represents over half of all open interest on the Deribit platform, potentially amplifying existing price fluctuations. The 30-day implied volatility has risen to nearly 45%, with an options skew of around -5%, indicating a market bias towards pricing in downside risk. In the short term, bullish options are concentrated at strike prices of $100,000 and $120,000, while approximately $1.4 billion in open interest for bearish options is accumulated near the $85,000 mark, potentially creating a price "magnet" effect before expiry.