#美联储FOMC会议 Yesterday, the BTC options market experienced a significant moment—approximately 300,000 Bitcoin options expired, with a notional value of up to $23.7 billion. Combined with Ethereum and other mainstream cryptocurrencies' options positions, the total market delivery scale reached around $28.5 billion, doubling the volume compared to the same period last year.

From a technical perspective, Bitcoin has tested the Vegas channel near the 4-hour timeframe five times. Now, on the sixth test, the key question is—will it retreat like the previous times or break through upwards?

The core of market psychology before delivery revolves around the 95,000 price level. Although there is still some room to move from the current level, this is the biggest pain point for today's options expiration. For traders who haven't yet built positions, a relatively wise strategy is to patiently wait for the delivery to settle, allowing market sentiment to release before seeking clearer entry opportunities. Short-term volatility is often most intense during such large expiration events.