As the fourth quarter of 2025 approaches its end, Bitcoin's performance is indeed a bit embarrassing. Dropping below $85,000 from its high, the decline has already reached 22.8%. And this is not the end — for the entire year, Bitcoin might record the second-worst quarterly performance in history, with a 5% loss for the year.

Interestingly, in this market cycle, the real winner has been gold, which has surged by as much as 69% this year. Crypto enthusiasts jokingly say that this is "Gold's Carnival, Bitcoin's Low."

But things might not be as bleak as they seem. During the Christmas period, market liquidity was already scarce, and with a large number of options expiring on December 26th, this timing could actually become a turning point.

Looking at options data reveals subtle market changes: open interest in 85,000 put options is gradually decreasing, while 100,000 call options remain, indicating that the bearish sentiment is easing and the market isn't as pessimistic as before.

Some options analysts even boldly predict that a significant rebound could occur after Christmas. They point out that large funds are using options walls to pin the price tightly between $85,000 and $90,000, with about $300 million in gamma risk waiting to be unleashed. Once these options expire, these price barriers could be broken, and the upside potential might be substantial.