#比特币期权交割 Yesterday's annual options expiration certainly did not disappoint — $28 billion in volume, setting a new high in crypto history! Seeing 267,000 Bitcoin options and 1.28 million Ethereum options simultaneously settle, such a grand scene truly reflects the market's activity.

Even more interesting is the change in market structure after the settlement. March quarterly options became the largest holding, accounting for over 30%, mainly out-of-the-money call options. This signals that: although the market is somewhat weak in the short term, it hasn't lost hope for the future. The dominance of call options in the holdings indicates that everyone remains optimistic about the long-term direction.

This also inspires us to understand another side of the derivatives market — it is not only a battleground 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 rally. Although current sentiment is somewhat weak, this options allocation precisely reflects confidence in subsequent market movements.

In the long run, cyclical fluctuations are normal. The key is to understand that the market is speaking through data, and these data are outlining the possibilities for the future. The Web3 story is far from over; every expiration writes a new chapter.