#美联储回购协议计划 Speaking of this week's market, we must first discuss the major event that happened today—the $23 billion year-end options settlement. How exaggerated is this number? In the history of crypto settlement markets, we've never seen such a large nominal amount.

Reviewing the patterns of the past three months, the market usually reacts significantly about a week after settlement. Looking back, September was a continuous upward trend, October experienced a major correction, and November saw slight fluctuations. This $23 billion settlement will have a considerable impact on liquidity in the coming period.

Based on the timeline, about a week after settlement, it will be roughly January. During that time, information will likely erupt—such as the new Federal Reserve Chair's policy statements and new judgments on next year's interest rate trends. These will become variables influencing the market. Whether $BTC and $ETH can maintain their strength largely depends on how policies are shaped. The policy expectation game for the entire January still has a lot of room.