#美联储回购协议计划 Beware! Bitcoin large options expiration night is approaching, and triple-long positions are gearing up.

Latest data reveals an intriguing situation — open interest in call options is actually 2.5 times that of put options, with the key level locked at $94,000.

In other words, if Bitcoin's closing price is near this level, most options will expire worthless, and the market impact will be limited. But there is a critical turning point:

**The danger of a price breakout is here** — once BTC quickly breaks above $94,000, market makers may be forced to buy spot or futures to hedge against liquidation risks, and this passive buying could trigger a short-term rally. Conversely, the opposite scenario also holds: if the price remains below this pain point, a large number of call options will expire worthless, and market sentiment could be suppressed by invisible hands.

Based on tonight’s position distribution, the probability of an abnormal move is quite high. But how fierce the volatility can get and how long it can last depends on the actual support from the spot market and how large institutions hedge their positions.

**A straightforward advice for retail traders**: tonight is more about observation than aggressive trading. The short-term risk is indeed very intense. If you are a long-term holder, you can see this wave as short-term noise. Stick to your strategy and don’t be scared out of your positions.