Bitcoin options' historic massive settlement has finally settled—$23.7 billion in contracts expired, truly breaking the long-standing suppression of prices at $85,000-$90,000 this time.

The warning signs were there early on. The flash crash of a major exchange’s USDT trading pair was a red flag, with the price dropping from $87,000 directly to $24,000, then bouncing back in no time. The core issue behind such extreme volatility is simply—serious lack of market depth. Every minor disturbance can trigger intense fluctuations. The real liquidity test is only just beginning.

From the perspective of options settlement, this thing acts like a market cleaner. It doesn’t determine the long-term trend itself, but it can completely pierce through that layer of price suppression. When the buy-sell pressure set by market makers for hedging risk disappears, the true supply and demand in the market will be fully exposed. Technical indicators are already showing bullish divergence signals, with selling pressure gradually waning—this is a very interesting signal.

In the next few hours to a day, volatility will be extremely intense. High-leverage contract traders need to hedge risks in advance—this is not a suggestion, it’s a necessity. The $85,000-$88,000 range is a critical line of defense, and must be watched closely.

But don’t be fooled by short-term technical fluctuations when looking at the long term. Ultimately, the market will return to the macroeconomic fundamentals and capital flows. This massive settlement could be a final showdown in the crypto world in 2025, or it could more likely be the starting point of a new trend in 2026.