#比特币期权交割 Yesterday's $28 billion options expiry was truly the biggest event of the year! 267,000 Bitcoin options and 1.28 million Ethereum options expired simultaneously, a scale rarely seen in the history of the crypto market.

After reviewing the data post-expiry, an interesting phenomenon stands out — quarterly options for March suddenly became the largest holdings, accounting for over 30%, and most of them are out-of-the-money call options. This actually reflects an interesting market mentality: although the Q4 market performance was not very ideal and market sentiment was cautious, the expectation for a rebound still remains, just with a more conservative strategy.

From another perspective, this also indicates that participants are learning risk management. It's not blind pessimism, but rather using options as a tool to express "I am optimistic about the future, but I also respect current uncertainties." This attitude is quite important in the long-term development of Web3 — maintaining firm belief in a decentralized future while being more rational in each strategic step.

From a cyclical perspective, this stage is actually a good time to accumulate chips and wait for the next surge. The bottom often looks calm and uneventful, but opportunities are nurtured within this calm.