• Over $4.3 billion in Bitcoin and Ethereum options will expire today, December 12.
• BTC trades above $92,300, with a maximum pain level at around $90,000.
• Data shows balanced calls and puts, signaling a cautious stance among traders.

Cryptocurrencies remained elevated on Friday as Bitcoin recovered from post-FOMC retracements.

While most tokens trade below their key resistance zones, today’s gains brightened the mood across majors as uncertainty dominates even after the highly anticipated December 10 rate cut.

Amidst the optimism, the primary story remained the over $4.3 billion in Bitcoin and Ethereum options expiring today, on December 12.

With BTC price pinned above $92,300, analysts believe the event could shape the broader market’s trajectory as we close 2025.

Markets steady amid balanced expiry

Deribit revealed a curiously balanced options board, with 18,974 call contracts and 20,852 put contracts, for a combined open interest of 39,826.

Most importantly, a 1.10 put-call ratio confirms balance, with neither side dominating the market.

Clearly, there are no aggressive actions or euphoric calls that generally herald parabolic moves.

Rather, traders have positioned themselves to keep price fluctuations predictable and tight.

And that seems to work, as Bitcoin and Ethereum traded calmly as billions in notional value near a deadline.

Deribit analysts stated:

BTC positioning is tightly centered around the $90K level. Call and put interest sit in near balance, suggesting traders expect a contained expiry after the recent range-bound tape.

$90,000 as the magnet

The crypto community’s attention remained on the max pain region of $90,000 – where options bulls stand to suffer.

Generally, whales or market movers drive prices toward max pain.

Meanwhile, Derbit’s chart shows puts stacked massively between $75,000 and $85,000, with call interest heavy at $95,000 – $100,000.

Thus, Bitcoin is hovering at the most balanced region of around $90,000 – $92,000.

That indicates a calm market with no dramatic moves.

On the other hand, Ethereum is trading at $3,250, above its $3,100 max pain level, with open interest of 237,879 comprising 130,579 put contracts and 107,282 call contracts.

That leads to a 1.22 put-call ratio and approximately $770 notional value.

Indeed, Bitcoin is displaying restraint despite the massive notion value (nearly $3.7 billion is linked to BTC options only).

There’s no such thing as sudden liquidations, panicked shakeouts, or forced price gains.

That level of calmness during high-stakes events like options expiry seems rare, leaving most market players alert.

A market that ignores imminent pressure often waits for the next catalyst.

What’s next?

Options expiry weighs on crypto prices, and digital tokens often set clear directions after the event.

The options will expire at 8 pm UTC, and traders will closely watch post-performance.

Clearing $93,000 – $94,000 can trigger near-term recovery, with fresh calls toward the $100,000 psychological mark.

However, losing $90,000 could mean a continued near-term struggle for Bitcoin.

Meanwhile, traders and investors will watch signs of thin liquidity amid holiday sessions, which often intensifies moves, and year-end institutional repositioning through key indicators like ETFs.

• $740.3M raised via equity sales across four security classes.
• 1.6M MSTR shares sold under $21B ATM authorisation.
• Strategy’s BTC yield for 2025 stands at 20.8% year-to-date.

Strategy has added another 6,220 Bitcoin to its corporate balance sheet, spending $739.8 million during the week ending July 20, 2025.

The purchase was funded through the company’s ongoing at-the-market (ATM) equity offerings.

With this latest acquisition, the firm now owns 607,770 BTC—worth over $43 billion at current prices—making it the largest institutional holder of Bitcoin worldwide.

The firm, chaired by billionaire Michael Saylor, paid an average of $118,940 per Bitcoin in its latest purchase, as disclosed in a filing published on Monday.

This represents a significant premium over its historical average acquisition cost of $71,756 per BTC.

Strategy issues 1.6M MSTR shares in latest equity round

Between July 14 and July 20, Strategy raised approximately $740.3 million across four different security classes.

The majority of funds—$736.4 million—were generated from the sale of 1,636,373 MSTR common shares.

The company also issued 5,441 STRK preferred shares with an 8.00% strike, raising $700,000. Another 2,000 STRF shares were sold at a 10.00% strike, bringing in $200,000. Additionally, 31,282 STRD preferred shares, also with a 10.00% stride, were issued for $3.0 million in proceeds.

All four instruments fall under large multi-billion-dollar issuance programmes. Both the MSTR and STRK share classes are authorised for up to $21 billion each.

These programmes demonstrate Strategy’s continued ability to convert equity into Bitcoin reserves at scale without relying on traditional financing channels.

BTC acquisition cost shows 20.8% YTD return for Strategy

Bitcoin prices remain significantly higher than Strategy’s average cost basis of $71,756, giving the firm a year-to-date return of 20.8% on its BTC holdings.

At current market prices—just above $118,000—Strategy’s crypto treasury continues to outperform many traditional corporate investments.

This yield figure is particularly notable as Bitcoin has consolidated after hitting an all-time high of $123,000 last week.

Although prices have since pulled back slightly, the bullish market structure remains intact.

Analysts have observed a pennant formation following BTC’s strong rally in July, typically a continuation pattern that suggests potential for further upside.

Despite short-term market volatility, Strategy’s long-term accumulation approach has proven resilient.

The latest purchase reinforces its strategy of treating Bitcoin as a primary treasury asset and a long-term store of value.

Market reacts as Saylor signals continued BTC accumulation

Michael Saylor has maintained a consistent narrative around Bitcoin being a superior store of value.

On Saturday, just days after the most recent BTC buy, he posted on X (formerly Twitter): “Stay humble, stack sats.” The phrase has been interpreted as a signal that Strategy’s accumulation is far from over.

The company’s approach, combining equity capital markets with ongoing BTC purchases, serves as a blueprint for institutional crypto exposure.

As regulatory clarity and institutional infrastructure improve, Strategy’s model could influence how other publicly listed firms handle treasury allocation.

Bitcoin’s latest rally, paired with corporate participation at this scale, continues to shift market sentiment toward long-term adoption.

While the token’s price has slipped slightly from its recent peak, its resilience above the $115,000 level is being closely watched by traders and institutional investors alike.

Pfizer Inc (NYSE: PFE) has closed a $43 billion deal to acquire biotechnology company Seagen Inc and its leading line of cancer drugs. The deal comes as revenue from Pfizer’s COVID-19 vaccine and pill hits record lows and is the largest in the biopharmaceutical giant’s recent string of acquisitions.  With the deal, Pfizer adds to its cancer treatment cache four approved therapies which brought in a combined total of almost $2 billion in 2022.

Pfizer will pay $229 in cash for each Seagen share, a 32.7% premium to Friday’s closing price and nearly a 42% premium to the stock’s close on February 24, a day before news of a possible deal broke. Seagen’s shares rose to $207 in pre-market trading on Monday as Pfizer shares fell 2.9% to $38.25.

Pfizer chief executive Albert Bourla said the company was “deploying its financial resources to advance the battle against cancer,” adding that cancer treatment continued to be “the largest growth driver in global medicine.” As such, the Seagen deal, according to Bourla, is in line with Pfizer’s near and long-term financial goals. The company already has 24 approved cancer drugs with 33 programs in clinical development.

The pharmaceutical giant has been on an acquisition spree as it seeks to cushion the impact of a projected $17 billion revenue drop by 2030 due to patent expirations for top drugs and a decline in demand for its Covid vaccine and pill products. Seagen on the other hand has a projected revenue of $2.2 billion, a 12% increase year on year. The drug maker expects more than $10 billion in “risk-adjusted” sales from Seagen in 2030.

In a research note, Wells Fargo analyst Mohit Bansal wrote:

“While Pfizer still has more firepower to do deals, we think integrating such a large company could make (Pfizer) take a pause on M&A front.”

Many pharmaceutical companies have not expressed much interest in making cheap purchases despite the marked drop in biotech stocks over the past year. They have instead opted for low-risk acquisitions with drugs either approved for the market or close to receiving approval.

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Twitter’s board is being pressured by shareholders to accept Elon Musk’s bid. 

Despite speculation that the Twitter board will outrightly dismiss Elon Musk’s Twitter bid, recent reports suggest that the firm is seriously considering selling a 100% stake of the microblogging platform to the Tesla CEO and founder.

According to a Wall Street Journal (WSJ) report today, the Twitter board has opened talks with itself and is considering the pros and cons of selling the microblogging platform to Musk.

The report noted that the board started considering the deal after the Tesla boss wooed shareholders of the company last week, with financing details of his $43 billion bid.

Following his explanation of the financing details of his bid to shareholders, calls have been made to the company’s board, as it has been urged not to let the opportunity slip.

The WSJ noted in its report that the board is seriously considering Musk’s offer and could give its response before the end of this week.

No Decision Has Been Taken

It is worth noting that the fact that the Twitter board has opened talks with its members about the bid does not imply that the microblogging platform will be sold to Musk.

The company is only analyzing whether it would sell the company to Musk based on the $43 billion bid made by the Tesla exec.

Recall that during the announcement of Musk’s Twitter bid, the Tesla CEO proposed an offer of $54.20 per share bid as his best and final offer.

Musk’s insistence that he is willing to pay a $54.20 per share bid is one of the hurdles in the deal negotiation, as the board would most likely want the Tesla boss to increase his offer.

Aside from considering Musk’s bid, the board is also considering whether Musk is under any investigation that could potentially put the deal at risk.

Cardano Boss Reacts

Meanwhile, moments after reports emerged that the Twitter board is considering Musk’s offer, Charles Hoskinson, the CEO of Input-Output Global (IOG), the firm in charge of conducting research and development for Cardano (ADA), reacted to the news.

Hoskinson, who earlier suggested that he would like to collaborate with Musk to develop a decentralized social media platform, shared a gif on Twitter, indicating that he is enjoying the moment and truly comfortable about the development.

https://t.co/XHNgrRWR9P pic.twitter.com/mQ1TJWs2ZF

— Charles Hoskinson (@IOHK_Charles) April 25, 2022

One of the reasons Musk is poised to buy Twitter is to promote free speech on the platform and also eliminate spam bots that have been adopted by malefactors to scam cryptocurrency investors.

Musk disclosed recently that once his bid is accepted, he will wage a war against Twitter bots and their creators, thus making the platform safe for everyone, including cryptocurrency investors.

Hoskinson believes an approval of the bid would be a win for the cryptocurrency industry, as the cases of crypto scams will be mitigated, which will help put the industry in global regulators’ good books.

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Tesla and SpaceX CEO Elon Musk has made an unsolicited offer to fully acquire social media giant Twitter for a total cash consideration of $43 billion, according to SEC filings.

Musk has offered $54.20 per share — representing a 54% premium over the Jan. 28 closing price — to acquire the social media giant.

Musk made the announcement by tweeting the regulatory filing with the caption “I made an offer.”

I made an offer https://t.co/VvreuPMeLu

— Elon Musk (@elonmusk) April 14, 2022

The news caused Twitter’s share price to soar 18% in pre-market trading before falling to around $48 per share.

Twitter shares weren’t the only asset that reacted to the news. Musk’s love for meme coins, especially Dogecoin (DOGE), combined with the news and rumors that Doge might become Twitter’s tipping currency, seems to have caused a positive reaction in both DOGE and the canine cousin Shiba Inu (SHIB).

DOGE and SHIB spiking

Doge was trading at a local low of $0.138 before the news broke and jumped immediately to $0.146, a 5.8% increase, while SHIB traded at $0.000026 and jumped to 0.000027, a much less notable increase. Both meme tokens were going against the general market moves in the hours leading up to writing.

The billionaire crypto fan first disclosed a stake of about 9% in the company on April 4, after which he was offered a seat on the board as the largest individual shareholder.

The bid is the latest chapter in Musk’s dramatic relationship with Twitter, as he has frequently criticized the company’s approach to “limiting” freedom of speech. In addition, musk has been vocal about changes he’d like to consider imposing on the social media platform.

The $54.20 offer “too low”

According to a Bloomberg News report, the offer price of $54.20 is too low for Twitter’s board as the company’s share price was as high as $70 in 2021. It is unclear whether the board will accept the aggressive and unsolicited offer.

However, Musk may divest his 9% stake in Twitter if the offer is rejected. In a letter to the social media giant’s board, the Musk said he believes that:

“[Twitter] will neither thrive nor serve [its free speech] societal imperative in its current form. Twitter needs to be transformed as a private company.” 

He also said:

“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.” 

The big question mark for the crypto industry is whether Musk will integrate cryptocurrencies more tightly into the Twitter app. Tipping with DOGE might be one feature that Musk could enforce, considering previous rumors and speculation. However, at this point, it is anybody’s guess.