Bitcoin's $415 million gamma flush could significantly impact its price trajectory, potentially breaking the $85,000 to $90,000 range by December 26. The current price pinning near $88,700 is attributed to dealer hedging rather than spot market activity. This situation may change as an additional $287 million in gamma is set to expire on the same date, potentially lifting artificial price constraints and altering the risk-to-reward ratio for traders. The removal of these constraints could benefit value investing in the cryptocurrency market if volatility suppression eases.