#比特币期权交割 The $23.6 billion options expiration is the first of its kind in Bitcoin history. It's coming tomorrow, so it's important to prepare psychologically in advance.

I've experienced this kind of event several times, each time when market makers collectively unload their positions—support and resistance levels maintained by options structures suddenly fail, and the market enters a phase of capital structure vacuum. Volatility will inevitably increase at that time, but it doesn't necessarily mean a sharp decline. In fact, many people get shaken out of their positions during this panic.

The key is whether BTC retraces to the $80,000–$82,000 range. If it actually touches near the previous bottom, this could be a short-term rebound opportunity—rather than a sign of continued decline. Data shows that the current capital outflow rate is still correcting relative to the price decline. This "bullish divergence" has appeared four times in history, and each time was followed by a rebound.

But I want to say, don’t be blinded by the possibility of a short-term rebound. The current market sentiment is still in a correction phase with a bearish bias. This is most likely a small-scale rebound, not a trend reversal. Don’t let FOMO emotions pull you in, and avoid frequent trading during volatility. This expiration day acts like a sieve, filtering out those who can't manage risk.

Be prepared tomorrow, stay calm and observe. If there's an opportunity, take it; if not, wait. Don’t dance to the rhythm of the market makers.