#比特币衍生品与交割 Yesterday's $28 billion options expiration was quite a spectacle. 267,000 BTC options and 1.28 million ETH options expired simultaneously, marking a significant event for the market.

The post-expiration data is even more noteworthy — quarterly March options became the largest holdings, with out-of-the-money call options dominating. What does this reflect? The market is betting on a rebound, but the stance is quite cautious, as most positions are in out-of-the-money territory.

I want to remind everyone not to let emotions drive your interpretation of such data. The participant structure in the derivatives market is complex; a large volume of out-of-the-money options can indicate market optimism or could be a buildup of risk. If you hold related positions, this is a good time to reflect on your portfolio allocation — does your asset distribution still align with your risk tolerance? Is your long-term goal clear?

A prudent approach has never been complicated: define your investment horizon and risk limits clearly, and avoid changing your strategy based on short-term fluctuations. The volatility of derivatives should not disrupt our long-term rhythm.