Bitcoin is heading into Christmas week stuck in a tight trading range, even as gold pushes to new all-time highs. With many traders stepping away for the holidays, liquidity has dropped sharply across crypto markets, setting the stage for potentially volatile but short-lived price action.

Recent data shows a clear reduction in risk-taking. Bitcoin perpetual futures open interest fell by roughly $3 billion overnight, while ether saw a $2 billion decline. Rather than rotating into new trades, traders appear to be closing positions altogether. This reduction in leverage typically lowers systemic risk, but thinner order books mean that sudden moves up or down can still be exaggerated.

Seasonality is also in play. According to QCP’s Dec. 23 market note, bitcoin has posted 5% to 7% swings during the Christmas period, often driven less by fundamentals and more by derivatives-related flows.

This week’s options expiry is unusually large. Around 300,000 BTC options, representing approximately $23.7 billion in notional value, are set to expire, alongside roughly 446,000 contracts tied to Blackrock’s spot bitcoin ETF (IBIT).

More than half of Deribit’s total open interest is concentrated in the Boxing Day expiry. Key strike levels are clustered at $85,000 and $100,000, with a “max pain” zone near $95,000. Notably, open interest in the $85,000 put options has declined in recent days, while $100,000 call positioning has remained steady, suggesting cautious optimism for a late-year rally, albeit with limited conviction.

Read more: Bitcoin’s Price Is Boring But the Next Move Won’t Be

Market stress indicators are also easing. Bitcoin risk reversals, which reflect the balance between bullish and bearish option demand, have become less negative compared with the past month. While downside protection still commands a premium, sentiment is gradually normalizing.

Despite these factors, holiday-driven moves tend to mean-revert. Unless a decisive breakout resets expectations, bitcoin is likely to remain range-bound until liquidity and participation return in January.

• Why is Bitcoin volatility rising ahead of Christmas?
  Thinning holiday liquidity and reduced leverage increase the risk of exaggerated short-term price swings.
• What role does the year-end options expiry play?
  Roughly $23.7 billion in BTC options and large IBIT-linked contracts expire this week, which can amplify volatility.
• Are traders positioned bullish or bearish into year-end?
  Positioning shows cautious optimism, with steady $100,000 calls and fading downside put demand.
• Do holiday price moves usually last?
  Historically, Christmas-period swings often fade in January as liquidity and participation return.

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