This Friday (4:00 PM Beijing time on the 26th) will mark a critical moment—$23.6 billion worth of Bitcoin options will undergo concentrated settlement. This is not only a large scale but also reveals market expectations through the order book. On the bullish side, large positions are mainly betting on the 100k and 120k price levels, indicating that many institutions still see potential for upward movement. On the bearish side, the defensive focus is around 85k, showing a clear consensus of support below. Overall, the biggest pain point is at $96,000—this typically indicates the area with the most market liquidity and is also where sharp volatility is most likely to occur during settlement. Traders should pay close attention to the performance at this price level, as it may provide clear signals about the market direction this week. Wishing everyone smooth trading!