[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.