Just noticed something interesting from the end of last year - there was a massive $27 billion in bitcoin and ether options set to expire around the same time. That's a pretty significant amount of notional value hitting expiry all at once, which usually creates some interesting price action around those dates.

Bitcoin options expiry at year-end tends to be one of those events traders keep an eye on. When you've got that much leverage and positioning sitting on the books, the market tends to move pretty deliberately into the expiry. Either you see some big liquidations or the price finds a level where most positions settle cleanly.

Ether had similar exposure, so it wasn't just a bitcoin thing. Basically the whole derivatives market was bracing for a reset heading into the new year. Curious to see how these kinds of expirations actually played out in the data.