The crypto market is once again at a testing moment. In a few days, a $23.6 billion options expiration is coming up, a figure enough to shake the entire market. To understand what this means, imagine this: pouring the GDPs of several medium-sized countries directly into the crypto blender, with the long and short positions engaging in an extremely fierce battle before expiration.

The key to this expiration lies in the "big pain point"—$96,000. From experience, I know this price will cause the most options sellers to incur losses and will maximize the profits for buyers. Once the expiration date arrives, both sides of the market will fiercely tug around this price level.

What's more interesting is the pattern in history. After the $48,000 expiration in April 2023, Bitcoin surged directly; after the $70,000 expiration in July 2024, a new bull market was launched; and after the $85,000 expiration in August 2025, new highs were reached again. This "expiration must break the deadlock" pattern has been validated three times, and the market has already given the answer.

By observing recent trends, the clues become clear. Bitcoin has been oscillating repeatedly in the $85k-$90k range, and many people are starting to waver and consider exiting. But those who understand the market know this is a "cage effect" caused by market makers performing Gamma hedging. To manage risk exposure, they repeatedly operate within this range, firmly holding the price in place. Coupled with tight liquidity during global holidays, the entire market appears to be in a suppressed state.

This suppression will eventually be released. Based on historical data, the expiration day is often the breakthrough point.