The Bitcoin options market, with a total open interest of approximately $55.76 billion, is heavily focused on the December 26, 2025 expiry date, with significant activity around the $100,000 strike price. Deribit leads the market with $46.24 billion in open interest, followed by CME and other exchanges. The concentration of options at this level suggests a potential showdown as traders position for a possible price surge. The options landscape shows a high concentration of gamma between $86,000 and $110,000, indicating where market activity is most intense. This setup suggests that as the expiry date approaches, the market could experience significant volatility, with potential for rapid price movements if Bitcoin approaches or surpasses the $100,000 mark. The max-pain level, where option holders face the least payout, aligns with this, sitting near $100,000 for year-end maturities. As the December 26 expiry looms, the market's focus on this date and price level could lead to increased hedging activity, influencing Bitcoin's price trajectory. Traders and investors are closely watching this period, as the outcome could set the tone for Bitcoin's performance into the new year.