#比特币宏观资产属性 Recently observing the micro changes in the options market, it's quite interesting. Traders are now clearly leaning towards selling premium rather than making directional bets, which actually signals a decline in confidence.

The accumulation of options contracts at key levels on December 26 (88,770 and the maximum pain point 98,134) indicates that market participants are hedging risks. Put simply, everyone is playing options strategies during this liquidity-sparse holiday window—bull spreads, naked puts, even iron condors. What does this combination usually imply? The market is waiting, but uncertain about what.

A few mid-term bearish traders I follow have already started reducing their positions. Their logic is clear: the macro asset revaluation hasn't finished yet, but in the short term, there’s a lack of catalysts. Interestingly, the shift of community interest toward metals markets suggests that funds are seeking new safe-haven tools.

This has a direct impact on follow-trade logic—if you're following aggressive directional traders, this stage is indeed the time to consider reducing your position size; if you're following premium-collecting traders, it might actually be their stage. The key is to understand what strategies your follow-traders are using to survive in this "low confidence" environment, and then adjust your risk exposure accordingly.

Holiday trading traps are right here—overtrading is the easiest way to lose everything.