The total outstanding options contract size across the network has risen to $64.8 billion, according to CoinAnk data, with CME increasing more than 300% compared to the low point of the 2024 cycle. The leverage utilization rate has not reached previous highs, indicating that this round of market activity is mainly driven by spot demand. The expansion of the options market reflects the urgent need for risk management among institutional investors, especially against the backdrop of intensified divergences in long and short strategies, where a large number of bullish options positions coexist with short hedging positions, potentially amplifying short-term price fluctuations.

Market indicators convey complex signals; the profit-taking ratio of short-term holders (05699307262 SOPR) has not yet reached historical frenzy levels, but the number of active addresses on-chain has rebounded, and the frequency of large transactions has increased, indicating that capital is being repositioned. Notably, a structural differentiation has emerged in the derivatives market—short futures positions have risen to 45%, an increase of 12 percentage points compared to the 2024 bull market, reflecting increased risk hedging willingness among institutional investors at high price levels. This intensification of long-short battles, combined with record-high open interest in the options market, suggests that the crypto market may be entering a period of high volatility. From a macro perspective, the anticipated shift in Federal Reserve monetary policy and geopolitical risks are prompting more funds to view Bitcoin as a hedge against the traditional financial system, and this positioning may reshape the valuation logic of digital assets.