$BTC $ETH : The surface is fluctuating, while the core is changing dramatically. (2025-05-18)

In the past few days, many people only see BTC and ETH oscillating within a range, and even emotional coins like BONK and DOGE are stuck at the bottom, 'bothering' everyone.

But if you only see the fluctuations, then the major players have won.

Because this kind of 'boring volatility' is not the market being lazy, but rather:

The major players are 'turning off the lights and changing people'.

🎭 In essence, it's a 'reset of expectations'.

We can see several core changes:

BTC options trading has plummeted by 68%, with positions nearly cleared;

ETH options have shrunk in tandem, and the major players are collectively 'quiet' about the future direction of volatility;

Leverage funds have significantly been liquidated, but the long and short positions in spot and perpetual markets have actually increased—it's not that no one is betting, but rather a new group of people has taken over.

This is called an expectation vacuum period, and it's what I mentioned yesterday:

The vacuum of volatility expectations is not calm; it's the 'silence' before the storm arrives.

🧠 Technical structure: The critical point is getting closer.

BTC/ETH are currently oscillating in key support zones:

BTC has just tested the recent equal height structure and has not yet broken down;

ETH, although it has been declining continuously, is still holding its price within the discount zone of the larger structure.

Correspondingly, emotional coins like BONK and DOGE are also in the micro-adjustment zone after the key BOS; the major players 'are not done yet', they are just keeping the market rhythm in check.

🔮 My judgment:

'This is not fluctuation; it is rhythm reconstruction.'

The underlying signal of rhythm reconstruction is:

The major players are retreating from options, indicating they are no longer betting on short-term volatility;

A new position data structure is slowly being generated—a new script is about to begin.

✅ Operational advice:

It is not advisable to rashly chase orders or predict directions; currently, all mainstream coins are stuck in the 'adjustment zone before direction is established';

Wait for the wind to rise, instead of throwing punches before the wind has even blown.

See you tonight,

We'll listen and watch for updates.