[Analysis Suggests the Largest Options Expiry in History May Intensify BTC Short-Term Volatility] Data analyst Murphy stated that approximately $23.6 billion worth of Bitcoin options will expire on December 25, marking the largest options expiry in Bitcoin's history. After market makers unwind related hedging positions, the support and resistance formed by the options structure may temporarily lose effect, potentially intensifying BTC volatility in the short term until the market's capital structure readjusts. Murphy pointed out that if BTC retraces to around $80,000 to $82,000, there might be a short-term rebound opportunity. Currently, on smaller scales of price and capital increment gradients, bullish divergence signals have emerged, indicating that the downward trend may correct and there is a demand for a rebound. Historical data shows that similar signals have often been accompanied by rebound rallies or trend reversals, but the current market sentiment remains bearish, making a rebound more likely.

[Mainstream Perp DEX liquidity remains low during Christmas, Lighter may see its last points distribution] On December 25, according to DefiLlama data, the trading volume of mainstream Perp DEXs has significantly declined over the past 24 hours. If Lighter launches its mainnet and issues tokens before December 31, this Friday may mark the last points distribution. Some platform trading volumes are as follows: Lighter trading volume is approximately $5.04 billion, TVL around $1.41 billion; Hyperliquid trading volume is approximately $3.5 billion, TVL around $4.13 billion; Aster trading volume is approximately $2.85 billion, TVL around $1.27 billion; EdgeX trading volume is approximately $1.87 billion, TVL around $368 million; ApeX trading volume is approximately $1.76 billion, TVL around $46.26 million; Variational trading volume is approximately $1.09 billion, TVL around $66.18 million; Backpack trading volume is approximately $813 million, TVL undisclosed; Pacifica trading volume is approximately $488 million, TVL around $41.44 million.

[A whale deposits 2.6 million USDC into Hyperliquid to open a LIT short position] According to Onchain Lens monitoring, a whale deposited 2.6 million USDC into Hyperliquid to open a 1x leverage LIT short position.

On December 26th at 16:00 (UTC+8), Bitcoin options with a nominal value of approximately $23.4 billion expired, marking the largest single day delivery scale in history, with a maximum pain point of $95000. According to the data of open contracts, the current call/put ratio of Bitcoin options is 0.36, and the nominal exposure of call options is significantly dominant. Among them, call options are highly concentrated in the exercise price range of $100000 to $120000, while put options are densely distributed around $85000.

According to the popularity ranking, LIT's popularity has increased by 30000 followers compared to yesterday, ranking first. The popularity ranking is as follows: ① LIT （$9.65，14.07%） ② BEAT （$1.80，-37.50%） ③ ZEC （$447.73，9.28%） ④ ACT （$0.03945，1.89%） ⑤ ETH （$2928.76，0.19%） The buying power of LIT's main funds is average, with a net inflow of $363.10 within 24 hours and a transaction volume of $173500 within 24 hours, of which the main funds have a net inflow of $0.00.