#比特币价格走势 Today, Bitcoin has experienced the largest annual options settlement in history at $23.7 billion, which is a quite interesting moment! Looking at the market performance before and after previous settlements, I’ve noticed a special pattern — each major settlement seems to act like a "release" of market suppression.

Remember last year's end-of-year rally? The price was firmly held between $70k-$80k before the settlement, but once the "cage" disappeared after the settlement, BTC broke through the constraints and started a new bullish year. The same happened in the March quarterly settlement this year; after gamma hedging was released, the price quickly broke through $70k.

The logic behind this is actually quite simple: before settlement, options positions artificially suppress volatility to control risk exposure, but after the settlement, this suppression disappears, market liquidity is released again, and volatility significantly increases. Historical data shows that settlement is often accompanied by strong trending moves.

What do we see now? Bitcoin is trading within a narrow range of $85k-$90k before settlement, with thin holiday liquidity adding more pressure. But according to the pattern, once the settlement is complete, this suppressed energy will be released outward — analysts are generally optimistic about breaking through $90k, with some even pointing toward $100k.

This is not only a technical pattern but also a deeper reflection of the true operational logic of decentralized markets: no centralized institution can suppress prices permanently; market forces will eventually be unleashed. That’s why I am confident in the long-term prospects of crypto assets — markets that are freely flowing and transparently operated will ultimately find the true price discovery mechanism.