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This afternoon at 4 PM marks the largest options expiration in history, with Ice Sugar Orange options expiring with a volume of over 20 billion.

The biggest pain point for Ice Sugar Orange is at 95,000. Based on current prices, if Bitcoin rises to 95,000, it will require significant capital to push it higher. However, with a clear bullish options open interest advantage, even if it doesn't reach 95,000, a slight rally could cause many put options to abandon their strike.

Therefore, purely from an options perspective, a major volatility is expected today, with a higher probability of an upward move.

Considering the timing factor, since the expiration is at 16:00, the closer it gets to the expiration time, the more likely volatility becomes.