Bitcoin options hitting an inflection point: $23.8 billion worth of BTC options contracts are set to expire, marking the most massive expiration event in cryptocurrency history. For context, that's over 1% of Bitcoin's entire market capitalization rolling off the books in a single moment. When this much leverage unwinds simultaneously, volatility tends to spike and positions get liquidated fast. Traders watching BTC charts right now are likely bracing for price action either direction—whether this becomes a catalyst for momentum or triggers a flush-out of overleveraged longs will largely depend on where spot prices hold into the expiry window.