The Bitcoin options market is undergoing a major transformation. The largest settlement in history is approaching—$23.7 billion in positions, which is no small figure.

In recent weeks, prices have been locked tightly between $85,000 and $90,000, as if held in place by some force. This "lock" is about to be released. The market is like a spring pushed to its limit; once released, the rebound could be powerful, but it's hard to predict exactly how strong.

Looking back at the recent crash in the USD trading pair—where prices plummeted from $87,000 to $24,000 and then rebounded—it was a false alarm. However, this spike revealed a problem: market depth is still insufficient, and even small disturbances can cause violent fluctuations. This is a prelude to a real liquidity test.

The real significance comes after the settlement. Market makers' buy and sell pressures for hedging may disappear, allowing the true market forces to emerge. Interestingly, technical indicators are already showing signs of bullish divergence, suggesting selling pressure may be weakening.

Here are some practical tips for traders:

**Short-term defense is crucial.** In the hours to a day after settlement, volatility will be quite intense. High-leverage contracts should be avoided during this period to manage risk.

**Keep a close eye on the $85,000 to $88,000 range,** as it is a critical support level.

**Long-term thinking is key.** This massive settlement itself indicates that market depth and institutional participation are increasing. After the technical fluctuations subside, the market will ultimately revert to macroeconomic fundamentals, capital inflows, and other core factors.

This settlement could be the final battle of 2025, or it could be the starting gun for a new rally in 2026. How it unfolds will be clear at the settlement time at 4 PM.