#数字资产市场动态 Year-end options expiration has come to an end, and this time it is the largest on record — with a notional value of nearly $28 billion. Logically, such a large expiration should stir up some market movement, but the market's reaction has been somewhat calm.

The fundamental reason is actually quite painful — the holiday effect. Hedging positions have all been withdrawn, liquidity has dried up, and the pressure that should have been released is trapped within the range, forming a typical box consolidation.

From the details of the market, the pace is rather conservative. Bitcoin dropped from around 89,000 to about 87,000 last night, briefly touched that level, then rebounded. It is now repeatedly testing above 87,000, with the latest price around $87,405.

The key support level is worth paying attention to. The 87,000 mark is not just a psychological level, but a place where a large amount of chips have actually changed hands recently — in other words, real money has been betting here. In the short term, this is currently the strongest support.

So there's no need to worry about "whether it will move" now, only "when it will move." As long as this price can withstand the volume pressure and the massive volume bars are not effectively broken, a breakout in either direction is only a matter of time.

The options expiration has been completed, and the structural constraints are gradually loosening. The market not moving immediately does not mean the risk is gone; it just means the market is looking for a more comfortable point.