Just now, the largest options expiration in Bitcoin history has landed, with a volume of up to $23.7 billion, and we are now entering the settlement period. What does this signal mean?

Recently, Bitcoin has been fluctuating within a narrow range of $85,000 to $90,000, as if being squeezed by an invisible hand around its neck. Now, this suppression is finally about to loosen, and the market's accumulated energy is like steam in a pressure cooker—once released, the consequences will definitely be intense.

This morning, there was strange volatility in the USD trading pair on a major exchange, with prices plunging from $87,000 to $24,000 in an instant, then quickly rebounding. Although it was just a false alarm, it exposed a thorny issue: market liquidity depth is clearly insufficient, and even a slight breeze can cause violent fluctuations.

The real test will come after the delivery.

How to view the future market? My approach is very pragmatic: don’t be scared by short-term price swings. Options expiration acts like a major cleanup for the market; it won't change the long-term fundamental trend but will break the previous artificially suppressed equilibrium.

Once market makers complete their hedging operations, the true supply and demand relationship will surface. Currently, technical indicators are beginning to show bullish signals, and selling pressure may be waning.

The advice for traders is actually quite simple:

First, be mentally prepared. In the first few hours or even a day after expiration, price volatility can be quite fierce. Friends trading with high leverage should avoid risk first.

Second, pay attention to key support levels. The $85,000 to $88,000 range is critical for the upcoming trend. If this line is broken, be alert.

Finally, stay patient. Such a large-scale expiration precisely indicates that the market is mature enough, and institutional funds are highly involved. After short-term technical fluctuations pass, the market will ultimately be driven by macroeconomic conditions and capital flows—these fundamental factors.

This expiration could determine the trend for 2025 or even mark the beginning of a new cycle in 2026. The market performance in the evening session will reveal clues.