Today's Options Information:

Affected by the U.S. government shutdown and tightening liquidity, the Treasury has concentrated cash into the Treasury General Account (TGA), with the balance rising to about $1 trillion, equivalent to pulling nearly $700 billion in funds from the market, tightening liquidity and putting pressure on risk assets. Bitcoin's price briefly fell below $104,000 in early November, hitting a nearly one-month low, as market risk aversion increased. However, at the same time, the probability of a rate cut in December remains around 63%, and the Federal Reserve's next move may become a key catalyst for the year-end market.

Last week, the BTC Options trading volume surpassed 12 billion USD, marking one of the peak ranges for this year.

Today, the largest transaction by a big player involved the combination trade of buying BTC-141125-100000-P and selling BTC-211125-98000-P, betting on a short-term decline, but with expectations of limited volatility in the medium to long term or a price rebound, totaling 100 BTC, with a premium income of 135,000 USD.

The widening gap between IV and RV, along with the resurgence of volatility premium, is a key window for positioning in the year-end market and capturing the opportunity of liquidity returning.

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