Market Overview - Bitcoin (BTC) and other cryptocurrencies experienced a decline during the U.S. session, with BTC falling below $88,000 after previously exceeding $90,000, while Ethereum (ETH) dropped below $3,000 [1] - Despite the overall market decline, some crypto-related stocks, such as Hut 8 (HUT), saw gains, with shares rising by 16% following a 15-year AI data center lease deal with Fluidstack [1] Stock Performance - Other companies like Coinbase (COIN) and Robinhood (HOOD) also showed positive movement, although they were significantly below their session highs due to the pullback in crypto prices [2] - MicroStrategy (MSTR) experienced a shift from a 3% gain to a modest loss later in the day [2] Options Expiration - The recent volatility in Bitcoin prices, fluctuating between $85,000 and $90,000, is occurring ahead of a record $28.5 billion in BTC and ETH options expirations on Deribit, which constitutes over half of the exchange's $52.2 billion in open interest [3] - This year-end expiry is characterized by a transition from speculative cycles to a policy-driven supercycle, indicating institutional maturity in the market [4] Options Market Dynamics - Bitcoin's "max pain" level is identified at $96,000, where option writers would benefit the most, with $1.2 billion in open interest concentrated at the $85,000 strike in puts, potentially exerting downward pressure on spot prices [5] - The pricing skew between calls and puts has decreased from recent highs, suggesting a cautious market sentiment, with traders opting to roll defensive positions into January rather than closing them [6]