#比特币与代币化黄金对比 Options expiration is approaching. Interestingly, this wave shows major players clearly adjusting their strategies—adding 525 ETH while closing Bitcoin long positions. This rhythm is quite deliberate.

From a trading perspective, this ebb and flow of positioning reflects subtle changes in market participants' expectations for different assets. The increased ETH holdings and the recovery of Bitcoin positions may be based on precise short-term market judgments or could hint at a rebalancing of asset allocation.

Speaking of which, discussions about Bitcoin and tokenized gold are also quite lively right now. As representatives of digital assets, Bitcoin and traditional value carriers like tokenized gold each have their own market positioning—one is based on the scarcity consensus of a fixed supply, while the other is backed by real-world assets. In this wave of adjustments, the actions of major players may be demonstrating the trade-offs between these two asset logics in actual portfolio allocation.