The bullish options for Bitcoin and Ethereum on January 16th are no longer viable. After this wave of decline, the market has only been consolidating for a month. According to historical patterns, it will continue to consolidate for at least another month. From a cyclical perspective, we are still in the adjustment phase, and options traders need to be patient and wait for a genuine breakout signal. In the short term, trading opportunities are limited, and a prudent strategy is to observe whether the market can break through the previous high — once it does, that will be the real buying opportunity.