Bitcoin continues to experience pressure, with the current price reaching $66.86K, still well below the $80,000 target previously set by the market. Liquidation in the options market shows a significant increase, indicating that the tail news—extreme volatility often associated with market surprises and shifts in expectations—becoming more apparent. Data from NS3 reveals that although Bitcoin fluctuations continue to rise, the adjustment of expectations for January projection contracts is proceeding relatively slowly. This phenomenon reflects market participants' caution in responding to price dynamics, while investor expectations are gradually undergoing significant changes amid uncertainty.