Bitcoin has pulled back a bit, and those calling the bull market at its peak are really enough.

Is the transition between bull and bear markets instantaneous? Creating anxiety is unnecessary.

Continue to look at the data and recharge your faith.

Bitcoin's gamma ex data shows the price is in a negative gamma zone, with little positive gamma energy, indicating that significant price volatility is likely in the near future.

The dense area of negative gamma is between 100K and 108K.

From the distribution of timeframes, it appears relatively average, indicating that everyone is on standby, with not much recent betting or long-term positioning.

Overall implied volatility is trending downward. It seems like something big is brewing.

The VRP during this period still favors sellers.

Yesterday we talked about the holy grail; in fact, if you are willing to pursue the holy grail and spend time waiting, the returns are not much different from those of sellers. However, the timing for buyer's holy grail is too critical, making it difficult for manual traders to operate.

Therefore, everyone naturally prefers to be sellers, using wide spreads to collect rents with high win rates. I am also an old duck as a seller.

However, if implied volatility surges, seller profits will significantly retrace. Enjoy a few months of sweet gains, then face a heavy blow.

The buyer, on the other hand, may bleed for several months, but can recover tenfold or a hundredfold in one go.

It's a matter of whether to enjoy the dopamine from daily rent collection or the endorphins from a hundredfold ambush; everyone has their own opinion.

Options are a convex tool, and that's where its charm lies. May all black swans become the steps to our wealth.

Wishing everyone prosperity~