The Bitcoin options market is about to experience the largest expiration wave in history, with over $23 billion in notional value set to expire. Such a massive event often results in prices being locked within a narrow trading range—an optimal moment for market makers to repeatedly profit from long and short positions.

In recent weeks, major cryptocurrencies like Bitcoin and XRP have fallen into a clear consolidation phase, with price movements being artificially suppressed. However, once this batch of contracts expires, the accumulated pressure will be released, and prices are likely to break out of the current range, experiencing sharp volatility in a single direction.

Looking at liquidity distribution across exchanges, the profit potential from pushing XRP prices higher far exceeds that of suppressing them. Suppose the price briefly dips to the $1.60–$1.70 range and then rebounds to the $2.50 mark; the resulting short covering scale will far surpass long positions being closed, revealing an asymmetry in market structure. This also indicates the need to pre-emptively assess potential liquidity shocks. However, even if a decline occurs, reversals are usually not far off.

Since late November, XRP’s volatility has significantly increased, which is a typical strategy for market makers before options expiration—artificially lowering prices to expand profit margins, rather than due to deteriorating fundamentals. Once this cycle concludes, suppressed price movements will be unleashed, and the market may see new directional opportunities.