#比特币与黄金战争 The crypto market has just experienced a major event: the annual options settlement has been implemented, with a notional value soaring to $23 billion. This scale is quite impressive, but this wave might have a different momentum.

What does the settlement mean? The sellers' margins are fully unlocked, and the funds of buyers who did not exercise their options are also flowing back, with large liquidity suddenly flooding back into the market. During this year-end window, institutions are busy readjusting their positions and preparing for the new 2026 cycle. Both risk and opportunity windows are opening simultaneously, which means there are many uncertainties.

Market makers had previously built positions for hedging purposes, and now they are gradually unwinding or readjusting them. The current market sentiment is still somewhat cautious. If the bears start to cover, buying power could be concentrated and released, but the market direction remains uncertain. It's important to stay rational and adjust strategies based on actions.

The opportunity is right here—some have already started to take action, while others are still watching from the sidelines. What about you?
$ETH