Since entering the fourth quarter of this year, this round of market conditions has indeed been a rare downturn in many years. From an industry cycle perspective, the development pace has clearly slowed, and market sentiment remains weak—good news struggles to create a splash, while bad news is easily amplified. Retail investors are mostly on the sidelines, and institutional funds have adopted a relatively conservative stance.

In such an environment, the "seller's strategy" actually appears more attractive. Selling options and collecting premiums is essentially synonymous with "steady income"—this approach is much more reliable compared to simply going long or short.

This also reminds us that we should take the futures delivery date seriously. Professional institutions on Wall Street never hedge alone; using futures and options in combination is standard practice. This "combo punch" mindset is worth learning. If crypto investors still focus only on price fluctuations, they may easily overlook the true capital game behind the scenes.

This delivery at the end of the year, on the surface, appears to be a data change, but in reality, it reveals the institutions' true attitude toward the market's future direction. When facing this wave of market movement, do you follow the emotional tides or stay firm after understanding the market's logic? The answer to this question determines how many traps you can avoid. The market is like an eternal game of shuffling cards; those who understand the rules can always walk more steadily.