The Bitcoin options market today is at a critical juncture—contracts with a notional value of $23.7 billion are about to settle, and this battle between bulls and bears will directly determine the short-term market trend.

**Market Signals on the Eve of Settlement**

As the settlement window approaches, Bitcoin prices are highly volatile, with a 24-hour price change exceeding 8%. Large funds are adjusting their positions, which is common on settlement days. At this time, the market is filled with uncertainty—price distortions created by main players through Delta hedging strategies often trigger retail stop-loss orders. Funds chasing gains or cutting losses tend to suffer the heaviest losses on settlement day.

**Three Practical Strategies**

First, clear leveraged positions two hours before settlement. "Pinning" manipulations are most frequent during settlement, and holding high-leverage positions is akin to going naked in volatility.

Second, consider options combination strategies. For example, using a straddle (buying both call and put options) to profit from volatility convergence, allowing participation in the market while locking in risk.

Finally, reverse thinking is crucial. If prices stabilize after settlement, main players typically need to unwind their positions to maintain market liquidity, which often pushes prices higher. Anticipating this in advance can help avoid settlement risks.

The survival rule in the crypto market is simple: don’t be trapped by binary thinking (bullish or bearish), and use risk management tools to flexibly combine positions. Those who survive extreme volatility have the chance to make big money.