#美联储回购协议计划 An unprecedented annual options settlement has just occurred, with the nominal value soaring to $23 billion — this is not just a number, but also signifies a shift in the market liquidity landscape.

The chain reaction from the settlement is unfolding: sellers' margins are being unlocked, a large amount of funds from unexercised buyers are flowing back, and new liquidity is flooding into the market. At this year-end juncture, institutions are intensively adjusting their positions in preparation for the 2026 new cycle — in other words, the window of risk and opportunity is truly opening simultaneously.

The positions used by market makers for initial hedging are gradually loosening, with some restructuring and others withdrawing directly. Currently, market sentiment remains somewhat cautious, but once the short positions start to cover, buying pressure could be集中释放, leading to market changes. However, honestly, the future trajectory still carries uncertainties — don’t get overly optimistic, nor overly pessimistic; always be prepared to adjust at any moment.

The tide is upon us; some have already stepped out, while others are still watching. What is your choice?

$ETH