[Bitcoin Drops About 25% This Month, Options Trading Intensifies Market Volatility] On November 22, Bitcoin plunged sharply, intensifying market volatility. So far this month, Bitcoin has dropped approximately 25%, primarily due to spot selling, including ETF outflows, long-term wallet asset sales, and declining demand from momentum investors. Options trading positions have amplified price fluctuations, as traders adjust hedges to maintain neutral positions, further exacerbating volatility. On the 21st, Bitcoin fell below the critical $85,000 level, where demand for put options near this strike price was concentrated. Market makers hedged large exposures, and traders in a "short Gamma" position sold more Bitcoin, accelerating the price decline.