This week's cryptocurrency market experienced intense volatility, with Bitcoin retreating from over $90,000 to around $88,000 after reaching that level. Market focus is on the $28.5 billion options contracts on Deribit that are about to expire, which will lead to a large-scale reallocation of positions. Although short-term hedging costs have increased, bullish momentum remains intact and has shifted to put strategies expiring in January, reflecting investors' heightened caution and risk management regarding future market trends.