Tonight, $23.6 billion worth of Bitcoin options will expire and settle, marking the largest such event in history. As the settlement time approaches, market sentiment has become tense.

Such a massive options expiration typically triggers significant price fluctuations before and after the settlement. But the key question is—will this create a buying opportunity at lower levels, or will it serve as a catalyst for a new rally?

**Three signals to watch:**

First, volatility has already been pushed to high levels. Any sharp rise or fall today could completely reverse within minutes, which is especially dangerous for high-leverage traders. The true trading strategy should be to actively reduce positions and wait for the market to signal its direction before re-entering, rather than chasing gains or cutting losses at this moment.

Second, the critical technical support level is in the 85,000–88,000 range. This price zone contains a large concentration of options positions. If the price truly breaks below this support or successfully stabilizes above it, a chain reaction will be triggered—either stop-loss orders will be hit or resistance will appear during a rebound. The performance within this range will largely determine the market direction in the next few hours.

Third, the focus shifts to after the settlement. At that moment, arbitrage constraints in the market will loosen, and large funds will reveal their true intentions. Observing on-chain fund flows and exchange holdings changes at this time can often reveal whether the main players are positioning at low levels or cashing out at high levels.

**Regarding next steps:**

Many are debating whether to buy the dip. But honestly, betting on a single direction based on feelings at this moment is basically suicide. A more rational approach is to hedge to lock in risk—such as buying insurance, establishing inverse positions, or simply holding coins and observing.

Experienced traders have long prepared hedging strategies. They are not trying to predict the market but are preparing for the worst while being ready for the best.

This is a historic moment, but you don’t need to bet on the future. Using data effectively, leveraging tools, and closely monitoring capital flows will enable you to react promptly when the market turns—this is more important than anything else.

Pay attention to the performance within the 85,000–88,000 range tonight. After the settlement, immediately check on-chain and exchange holdings changes. These two points will help you see the next direction clearly.