#数字资产市场动态 The options market has just experienced a major event—$28 billion in large-scale deliveries was smoothly completed, which is quite rare in the crypto space. From the delivery data, there is a detail worth pondering: many positions have not been closed out but instead have flowed into March next year, with a clear bullish bias—significant accumulation of call options.

What signals does this reveal? The attitude of leading capital is quite intriguing. Although the market was relatively quiet in Q4, these major players are not being caught off guard; instead, they are quietly positioning for spring next year. This suggests that the most pessimistic moments in the market may have already passed, and the pressure for large-scale "dumping" in the short term has significantly eased. What’s likely to follow is a period of consolidation and accumulation—seemingly disorderly but actually gathering strength.

For ordinary participants, chasing the market now may not be the best choice. Market enthusiasm has not truly picked up, and sentiment remains cautious. Instead of going all-in and gambling, it’s better to consider the role of selling options. Acting as a "rent collector" can earn steady income from time decay, with much less risk than blindly leveraging. Especially focus on out-of-the-money call options expiring in March, and follow institutional expectations to participate in the anticipated direction—this offers a relatively higher probability of success.

The core logic boils down to these points: despair often breeds opportunity. The smartest move now is to stay alert without being overly pessimistic, hold spot assets as a buffer, try small-scale testing of floating positions, and add positions when the wind truly shifts. The expectation of halving market activity is still rooted in the market’s mindset, and the dense accumulation of March call options is proof of that. Don’t worry too much about short-term volatility; being steady and prudent is the key to a successful start next year.