#数字资产市场动态 The largest Bitcoin options expiration of the year is happening today, with contracts worth a nominal value of $23.7 billion set to expire. Such levels of expiration often trigger intense volatility in the past, sometimes even leading to one-sided trends.

Bitcoin is currently stuck bouncing between $85,000 and $90,000, with repeated attempts to rally past $89,000 failing. Factors like gamma hedging ahead of options expiration are locking the market tightly, suppressing volatility.

The key levels right now are as follows: above $90,000 is a tough nut to crack, both psychologically and technically. Below around $86,500, support must hold; a break below could lead to further tests of $85,000.

Once the expiration is over, those market-suppressing factors will disappear, and volatility is sure to increase. Some expect a breakout above $90,000 to continue upward. But beware that holiday liquidity shortages could amplify volatility traps. Recently, Bitcoin spot ETFs have been experiencing net outflows, indicating that institutions are also cautious and not willing to be too aggressive at this moment.

Currently, market sentiment is at extreme fear levels, so managing positions carefully and setting stop-losses is essential. Ethereum also has a similar critical level around $3,000; if you're interested, I can analyze it further later.