#比特币衍生品交易 The $23.6 billion options expiry event has just concluded, and the derivatives' liquidation effect has basically cleared—this is a signal worth paying attention to for traders like us. Previously, the market's upward movement was mechanically suppressed by hedging, but now BTC is finally no longer "pinned," and the price discovery mechanism is reasserting dominance.

From a copy-trading perspective, this turning point is very critical. Recently, those aggressive leveraged traders had their gains suppressed significantly, but now the structural improvements have opened up strategic space for excellent traders. I’ve been observing how a few top traders with different styles are responding to this change—some are adjusting their position allocations, while others are increasing their risk exposure. This is the moment where practice makes perfect; copy-trading cannot be blindly copied. You need to adjust your copy ratio flexibly based on your risk preferences and account size.

On the macro level, continuous expansion of M2 and ongoing liquidity improvements are laying the groundwork for subsequent market trends. But I remain cautious, as changes in the derivatives market are often a double-edged sword—opportunities and risks are released simultaneously. The key is to choose the right people to follow, set proper stop-losses, and not be blinded by short-term structural optimizations.