Bitcoin Surges Toward $90,000 as $27 Billion Crypto Options Expire

By: crypto insight|2025/12/26 18:30:14

Key Takeaways

Bitcoin’s price is nearing the $90,000 mark amid increased market activity following the holiday lull.
The expiration of $27 billion in crypto options is expected to alleviate hedging pressures on Bitcoin.
Analysts suggest Bitcoin might rebound to $95,000 following a temporary dip to $82,000.
Gold and silver have both reached historic price highs, drawing significant market attention.

WEEX Crypto News, 26 December 2025

As global financial markets reignite following the festive break, Bitcoin is gaining momentum, nearing the crucial $90,000 milestone. This period of increased activity in the crypto markets is mirrored by a remarkable rise in the prices of gold and silver, both achieving record highs.

Bitcoin surged past $90,000 according to data, with a noted increase in trading activity during the Asian session. This resurgence is further bolstered as Wall Street anticipates the market’s opening. Key attention is turned towards the expiration of Bitcoin options worth approximately $24 billion, a development traders believe will release pent-up hedging pressure, potentially unbinding Bitcoin’s recent price trajectory.

Cryptocurrency traders, including BitBull, expect that the impact of derivative market structural factors on Bitcoin prices will diminish post-expiration. They point towards a disconnection between recent Bitcoin price movements and its natural trend, largely attributed to the hedging activities in the options market. The conclusion of these options is anticipated to correct this dissonance.

Renowned crypto analyst Michaël van de Poppe remains optimistic about Bitcoin’s future prospects. He opines that the start of the year often serves as a rebalancing period for asset management institutions. With commodities reaching new highs and technology stocks perceived as overvalued, Bitcoin and other cryptocurrencies might soon become more appealing investment configurations.

In the same vein, gold and silver prices have ascended to historic heights, underscoring the heightened demand for safe-haven and hard-assets in the current macroeconomic climate. Silver’s market capitalization temporarily surpassed that of Bitcoin, placing it as the third largest asset globally, trailing only behind gold and Nvidia.

Technically, Bitcoin remains in a corrective phase, oscillating within a range established since October. Market analysts agree that an effective daily closing price is pivotal in identifying a genuine breakthrough from its current downtrend. A sustained position above $90,000 could potentially pave the way for another surge, whereas a continuation within the existing range may still prevail.

Overall, with Bitcoin options maturing, the revival of market liquidity, and the sustained strength of precious metals, the crypto market stands at a crossroads. The question of whether Bitcoin can leverage this momentum to break past $90,000 will be the focal point in determining the near-term market trend.

Crypto Market Dynamics Amidst High-Value Option Expiry

Coinciding with these developments, December 26th marks the expiration of options totaling $270 billion, predominantly encompassing Bitcoin and Ethereum contracts on the Deribit exchange. This marks a significant event since Bitcoin options constitute $236 billion of this total. The culmination of these contracts is anticipated to reset the market structure substantially.

The sizable quantity of expiring options also suggests strategic betting on a “Christmas rally,” indicating a potential tactical price ascent for Bitcoin distinct from past year-end trends. Trading indicators from CryptoQuant reveal a bullish configuration with cyclical scores suggesting favorable conditions for Bitcoin.

Amidst debates over the impending price direction—some traders speculate a rebound from $82,000 towards $95,000—the question arises regarding how these option expirations will influence long-term market trends. Historical data provides mixed guidance, with crypto markets being notoriously unpredictable during year-end trading windows.

Gold and Silver Surpass Historical Benchmarks

In tandem with these crypto movements, gold and silver prices have consistently set new records. Spot gold prices soared to $4,531.284 per ounce, while silver surpassed $75 per ounce, both demonstrating substantial year-on-year gains. Analysts attribute this momentum to several factors, including renewed speculative interest driven by geopolitical uncertainties and a decline in the U.S. dollar’s value.

While industrial demand for silver—spurred by sectors like photovoltaics and electronics—bolsters its value, gold’s status as a traditionally stable asset in times of economic flux further amplifies its current standing.

FAQs

How has Bitcoin performed recently?

Bitcoin’s price has approached the $90,000 mark, reflecting a recovery and potential break towards new highs following a holiday trading period.

What impact does the expiration of $27 billion in crypto options have?

The expiration is expected to alleviate hedging tension, providing a clearer reflection of true market demand and possibly facilitating Bitcoin’s price recovery.

How do current gold and silver prices influence the crypto market?

The rising prices of gold and silver, both reaching historic highs, underscore a shift towards safe-haven assets, which may prompt strategic asset reallocation favoring cryptocurrencies.

Why is Bitcoin’s price fluctuation significant this time of year?

Year-end rebalancing by asset managers and strategic option expirations around Christmas have historically affected Bitcoin’s price movements, sparking speculative trading activity.

What is the relevance of $90,000 to Bitcoin’s price action?

Breaking the $90,000 threshold could signal the start of another upward phase in Bitcoin’s price cycle, potentially drawing investor interest as part of diversified asset portfolios.

As the crypto landscape continues evolving, platforms like WEEX offer opportunities for engaging with emerging market trends. Consider joining WEEX to explore these developments and capitalize on future investment prospects. [Sign up for WEEX](https://www.weex.com/register?vipCode=vrmi).

-- Price

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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