#期权市场 The liquidity contraction during Christmas week has really amplified market sensitivity! This Friday, a record-breaking options expiration will occur—$28.5 billion in total BTC and ETH options will expire, doubling the amount from the same period last year. Deribit alone accounts for over 50% of open interest in BTC options.

It's interesting to look behind these numbers: perpetual contracts decreased by $3 billion overnight, indicating that traders are actively deleveraging rather than increasing their positions. This reflects a cautious attitude towards risk in a low-liquidity environment. The pain point for options is around $95,000; while call options remain stable, put options are declining, showing that the market still holds limited optimism about the "Christmas rally."

This situation is quite similar to the end-of-year scenario in traditional financial markets—liquidity drying up, large expirations, and tax-driven stop-losses—these combined pressures tend to amplify short-term volatility. But it’s also a great opportunity to understand market dynamics! While decentralized options markets are more transparent and efficient, they also allow us to clearly see capital flows and risk concentrations.

Short-term volatility may be inevitable, but don’t forget the historical pattern—holiday rallies often revert to the mean after liquidity returns in January. That’s the charm of the Web3 market: transparent data, logical consistency, enabling more rational decision-making. Stay patient and believe in the power of long-term trends!