Today, a major Bitcoin options platform's options contracts are expiring, setting a record—nearly $2.4 billion in positions to be settled. Throughout December, BTC has been stuck in a tight range between 85k and 90k, repeatedly bouncing within this zone, demonstrating the power of gamma effects. Coupled with the inherently thin liquidity during the holiday season, prices have been swinging up and down unpredictably every day—this routine has become so familiar that traders monitoring the market are no longer surprised.

In the short term, once these hedging positions are unwound, market pressure will significantly ease. The future trend will likely go in one of two directions—either a slow upward attempt or continued oscillation around this range—but at least it won't be under such intense pressure. Many in the community are optimistic, citing the relatively heavy call option positions and a max pain point around 95k. However, as always, holiday markets are most vulnerable to sudden unexpected volatility—no one can predict it.

In reality, the current crypto market has calmed down considerably compared to the frenzy of previous years. Market volatility has indeed stabilized, but this stability tests patience. The market is consolidating, and the ecosystem is also maturing. Besides price speculation, many industry players are engaged in tangible efforts—such as free educational programs and community building. Although these initiatives may not generate loud headlines, they are genuinely promoting the long-term development of the industry. These efforts may not make you rich overnight, but they help you understand the direction in which this market is heading.