The options market is about to迎来“多空决战日”, with $4.5 billion worth of chips expiring, and market fluctuations are imminent!\nIn simple terms, tomorrow the Deribit exchange will have a batch of cryptocurrency options contracts worth a total of $4.5 billion reaching their delivery date, equivalent to a ‘final showdown’ between bulls and bears. Among them, Bitcoin options account for the largest share (about $3.3 billion), but the number of put options is significantly more than call options (put/call ratio 1.38), indicating a cautious short-term market sentiment. The maximum pain point (the price where the market maker makes the most profit) is at $112,000, suggesting that the price of Bitcoin may be temporarily suppressed near this level.\nRegarding Ethereum, $1.27 billion in options are expiring, with slightly more call options (put/call ratio 0.78), and the maximum pain point is $4,400. However, a large number of call options are piled up above $4,500, and if the price of Ethereum can break through this level, it may trigger a short squeeze.\n【Personal Opinion】\nIn the short term, the options expiration date often accompanies drastic price fluctuations, especially near the maximum pain point, which may become the focal point of the battle between bulls and bears. Due to the concentration of put options, Bitcoin’s price may be temporarily suppressed in the $110,000-$112,000 range; while if Ethereum stabilizes above $4,400, it has a chance to challenge the densely packed area of call options above $4,500.\nHowever, the medium to long-term trend will not change due to a single date of options expiration; the key still lies in macro sentiment and capital flow. Retail investors need to be wary of institutions harvesting the value of options contracts through '压盘/拉盘', avoiding blind chasing of highs and selling lows.\nPay attention to Shen Ce, how will the market direction choose after tomorrow's expiration? Tonight, Shen Ce will give fans who pay attention to Shen Ce an advance layout of the next key points in the village! #代币发射平台竞争加剧