The crypto market is迎来一次历史级别的期权交割事件：230亿名义金额的年末期权集中落地，创下历史新高。这场规模庞大的交割背后，隐藏着市场流动性的重大转变。

What will happen on the delivery day? The collateral pledged by option sellers will be collectively unlocked, and the premiums from unexercised options will flow back in large quantities, meaning billions of dollars will re-enter the market to complete rebalancing. At the institutional level, there is also intensive rebalancing at the end of the year, preparing for the 2026 cycle, and the risk exposure of the crypto market is quietly restructuring.

From a trader’s perspective, after the options positions of market makers mature, the hedge positions previously established will be closed or adjusted in bulk, releasing a large amount of locked-in liquidity. Interestingly, the current market structure shows an overall net bearish bias, and short covering could become a trigger for the next wave of market movement. But the market always has variables; the degree of coordination between fundamentals and technicals determines the true strength.

The key is to observe the actual market reaction to this wave of delivery—whether it is an upward movement driven by liquidity release or a downward correction from profit-taking. Stay vigilant and let the data speak.