#比特币期权交割 The $23.7 billion options settlement may seem staggering at first glance, but looking at the long-term historical perspective, we've actually seen similar scenarios before.

During the market surge at the end of 2017, I remember that the options market wasn't as mature back then, but the chaos caused by leveraged liquidations was no less intense than today. Many people asked me what to do at that time, and my answer was simple — understand the logic behind this settlement, rather than being frightened by the numbers.

The nominal value of $23.7 billion, when broken down, essentially represents market participants' bets across different price ranges. The issue isn't how large the scale is per se, but rather the distribution of these contracts and the potential liquidity pressure that could be released after settlement. Past experience tells me that truly "epic" settlements are often not about the size of the numbers, but about market participants' emotions reaching a critical point — this time, it's twice as much as the same period last year, which is a signal worth paying attention to.

Historical patterns are cyclical. Panic before settlement, volatility during settlement, acceleration after settlement — we've seen this rhythm too many times. The most interesting part is that those who truly profit are often not the ones screaming during the volatility, but those who have already set their price ranges and prepared psychologically.

The market in 2024 is different from 2017; we have more mature tools and more participants. But human greed and fear haven't changed. Today's settlement at 16:00 is less a risk point and more a mirror — revealing who truly understands market cycles and who is just gambling.