The cryptocurrency market is under short-term pressure, but the long-term outlook remains optimistic. Recently, the cryptocurrency market is facing short-term volatility pressure, mainly influenced by the massive options expiry and Coinbase's acquisition of Deribit. Short-term volatility intensifies: BTC and ETH options expiry puts pressure. From June 27 to 28, over $17 billion in BTC options and $1.64 billion in ETH options are set to expire, potentially triggering a short-term adjustment in the market. BTC options: About 20% of call options have a strike price above the current market price ($108,000), and some holders may choose to take profits, increasing selling pressure. The maximum pain point ($102,000) may become a short-term support level. ETH options: The maximum pain point for ETH options expiring on the Deribit platform is only $1,800, significantly lower than the current price, and the market may gravitate towards this level. In the short term, BTC and ETH prices may face the risk of a correction, and investors need to be cautious of increasing volatility. Long-term positive: Coinbase's acquisition of Deribit solidifies its dominance in the derivatives market. On May 8, 2025, Coinbase announced the acquisition of the world's largest cryptocurrency options platform, Deribit, for $2.9 billion, further expanding its influence in the derivatives market. Market share: Deribit accounts for 87% of BTC options and 94% of ETH options market share. After the acquisition, Coinbase will significantly enhance its competitiveness in the crypto derivatives space. Institutional attractiveness: Higher liquidity and product depth may attract more institutional funds, driving long-term market growth. Although the short-term market may be pressured by options expiry, Coinbase's strategic layout has laid a more solid foundation for the cryptocurrency derivatives market, and the long-term bullish logic remains unchanged. Investment strategy recommendations: Short term: Focus on key support levels of $102,000 for BTC and $1,800 for ETH. If these levels are breached, further decline may occur. Mid to long term: Corrections may present layout opportunities. After Coinbase integrates Deribit, market liquidity and institutional participation are expected to improve, driving a new round of growth. Summary: Short-term market volatility is inevitable, but in the long run, the expansion of the cryptocurrency derivatives market and the trend of institutionalization will continue to support the bull market pattern. #香港加密概念股 #美国5月核心PCE物价指数 #加密市场回调