Let's talk about the Bitcoin options market expiring on the 26th.

At 8:00 UTC (which is 4:00 PM Beijing time), the largest batch of BTC options, worth approximately $28 billion, is about to expire. From the position layout, the short side has accumulated a large number of positions at the 85,000 level, while the long side has been gradually building positions at 90,000, 100,000, and 120,000.

There is a key concept called the "pain point"—the price level that options market makers and institutional players most hope to see. When the price stays at this level, their profits can be maximized. The estimated pain point this time is around 96,000.

You will notice that recent market behavior shows the price steadily approaching this 96,000 level. But this is not a trend reversal signal; essentially, it is an orchestrated rebound by institutional players—they are gradually pushing the price higher. This is completely different from a naturally forming upward trend.

If you have positions, the critical operation window is before 12:00 noon on the 26th. Close your positions early to avoid sharp volatility later. Once the direction is confirmed, re-entering positions might be more prudent.

Currently, the range-bound fluctuation is still digesting within the 85,000 to 90,000 range, and the 90,000 threshold may exert considerable pressure from institutional players.