#比特币期权交割 Yesterday's options settlement volume hit a record high, with a nominal value of $28 billion stirring quite a buzz in the market. Looking at these numbers, I am reminded of a frequently overlooked issue — while many focus on the dominance of out-of-the-money call options in the market, they often fail to realize that the underlying risk structure is quietly changing.

Quarterly options for March have become the largest holdings, accounting for over 30% of total positions. This signal warrants serious attention. The high proportion of out-of-the-money call options indicates that investors expecting upward moves are increasing leverage bets, but leverage is like fire — it can warm you or burn you. The Put/Call ratio is only 0.35, suggesting that protective put options are relatively scarce in the market, which means that if the market moves in the opposite direction, many will face risk exposure simultaneously.

What I want to remind you is that the current market environment this quarter is indeed less than ideal. The combination of cyclical factors and emotional pressure makes it more suitable for cautious traders. If you are holding these option positions, do not be blinded by short-term expectations. It is crucial to have a clear stop-loss plan and position management awareness. No matter how the market fluctuates, protecting your principal should always take precedence over chasing returns. A long-term, steady mindset often reveals its true value when risk is most concentrated.