Bitcoin, Ethereum, and Sol all have new developments. In the past two days, a major event has been brewing in the crypto market—an unprecedented batch of options contracts is about to expire.

The data is in front of us: the nominal value of contracts expiring this time reaches $27.4 billion. Among them, Bitcoin accounts for the majority with $23.6 billion, and Ethereum has $3.8 billion. This scale is indeed significant in the derivatives market.

What will happen when the options expire? The logic here is quite straightforward. A large number of traders hold positions, and around the expiration date, they need to adjust and hedge, which will inevitably impact liquidity in the short term. Many people worry about whether this will trigger intense volatility or even manipulation. But in reality, within a relatively mature market framework, such large-scale expiration events are simply a manifestation of participants' risk management. It’s difficult for a single force to completely control the entire situation.

Instead of anxiously waiting, it’s better to take a longer-term view—pay attention to how the fundamentals are evolving and how the overall market structure is changing. Short-term fluctuations are probably unavoidable, but responding with a rational mindset is always better than being driven by emotions. Stay alert but don’t overreact, observe market trends but stick to your own strategy—that’s the prudent approach.