This afternoon at 4 PM, the crypto market is set to stage a "yearly" volatility feast. A total of $23.7 billion in BTC options are expiring, along with nearly $5 billion in ETH, pushing the total expiration volume to $28.5 billion—doubling compared to the same period last year. How shocking is this number? Last year's $14 billion in expirations created nearly 15% volatility, and with this doubled scale, the market will only become more wild.

First, understand what these $23.7 billion truly mean. Options expiration is not just about closing positions; it’s a life-and-death moment for both bulls and bears. The key point is the price range of 100,000 to 120,000, where over 70% of the call options are concentrated. The logic is simple: bulls need to push the price up with capital to exercise their options and profit; bears, on the other hand, will dump the market, turning these call positions into worthless paper. The current issue is that institutions could preemptively set up counter-strategies. The more bullish sentiment heats up, the more cautious one should be about a sudden dump after a false breakout.

Three key danger zones to avoid: First, do not leverage up one hour before expiration—whether long or short, the market often deliberately triggers stop-outs to wipe out leveraged positions; second, do not mythologize the logic of "bullish clustering guarantees rise," as institutions have their own routines; third, do not ignore ETH’s role—out of the $28.5 billion, nearly $5 billion is in ETH, so any major move in BTC will inevitably involve ETH exit.