#比特币期权交割 Yesterday's annual options expiration certainly didn't disappoint — a record-breaking $28 billion in crypto history! Witnessing 267,000 Bitcoin options and 1.28 million Ethereum options settle simultaneously, this massive scale truly reflects the market's vibrancy.
What's even more interesting is the structural shift post-expiration. March quarterly options became the largest position holder, accounting for over 30% of open interest, with a significant proportion being out-of-the-money call options. This sends a clear signal: while the market feels weak in the short term, it hasn't lost confidence in the future. With call options dominating the position structure, it shows that participants remain bullish on the long-term direction.
This also illuminates another facet of the derivatives market — it's not just a competition arena for traders, but also a barometer of market expectations. When out-of-the-money call options become mainstream, it means participants are preparing for the next upswing. Although sentiment is currently subdued, this option configuration precisely reflects confidence in subsequent price action.
From a long-term perspective, cyclical fluctuations are completely normal. The key is understanding that the market speaks through data, and these data points are sketching out future possibilities for us. The Web3 narrative is far from over, with each expiration writing new chapters in this story.
#比特币期权交割 Yesterday's annual options expiration certainly didn't disappoint — a record-breaking $28 billion in crypto history! Witnessing 267,000 Bitcoin options and 1.28 million Ethereum options settle simultaneously, this massive scale truly reflects the market's vibrancy.
What's even more interesting is the structural shift post-expiration. March quarterly options became the largest position holder, accounting for over 30% of open interest, with a significant proportion being out-of-the-money call options. This sends a clear signal: while the market feels weak in the short term, it hasn't lost confidence in the future. With call options dominating the position structure, it shows that participants remain bullish on the long-term direction.
This also illuminates another facet of the derivatives market — it's not just a competition arena for traders, but also a barometer of market expectations. When out-of-the-money call options become mainstream, it means participants are preparing for the next upswing. Although sentiment is currently subdued, this option configuration precisely reflects confidence in subsequent price action.
From a long-term perspective, cyclical fluctuations are completely normal. The key is understanding that the market speaks through data, and these data points are sketching out future possibilities for us. The Web3 narrative is far from over, with each expiration writing new chapters in this story.