Approximately 300,000 BTC options contracts (with a notional value of about $23.7 billion, the largest options expiration in history, twice as much as last year) are expiring on Friday. Many people do not understand what this means; the market could experience two scenarios: 1. After expiration, they become worthless, resulting in heavy losses for traders. The expiration volume is huge and has a bullish bias. More than half of the open interest on Deribit will disappear, and the put-call ratio will be only 0.38 (meaning the number of call options is almost three times that of put options). The price could rise to the $3,101 to $3,200 range, where the gains from calls and puts will roughly balance out. Therefore, the $3,100 level is crucial. 2. Large one-sided moves could easily occur, with frequent pinning situations in the market. If the bulls cannot maintain above $3,100, the bears will remain dominant, and long holders will face the risk of losses at expiration. Advice: In the face of such a huge market move, the best strategy is to refrain from trading. For example, during the last Japanese yen rate hike, everyone thought it was bearish, but in reality, the market had already priced in the news, leading to significant losses for shorts that day. Options are different; before expiration, they are a tug-of-war, and there is no scenario like a rate hike that can be fully priced in beforehand. After expiration, it directly influences traders' outlook for next year's market. So, the safest approach is to find a once-in-a-century entry point and avoid becoming a victim in this battle between bulls and bears. $ETH $BTC