This Friday's options expiration data is worth paying attention to. A total of $28.5 billion in BTC and ETH options are set to expire, doubling the amount from the same period last year, with BTC alone accounting for $23.6 billion in contracts awaiting settlement, representing over half of the total open interest on the Deribit platform.

The key signal here is that the maximum pain point is set at $96,000, and the overall options positions are skewed towards bullish setups. This suggests that the price movement at expiration could be more favorable to the bulls—if the price moves toward the pain point, options sellers stand to profit, which could reinforce upward momentum. However, liquidity conditions need to be monitored; the Christmas holiday has led to insufficient market depth, and the surge in precious metals prices has diverted some funds. In this context, large-scale expirations could amplify volatility.

From an on-chain fund flow perspective, the current strategic judgment should be: closely monitor large contract liquidations and whale address holdings. The 24 hours before and after expiration will be the most sensitive period. If a sudden surge in funds inflow into major exchanges is observed, it usually indicates an early hedge against volatility.