As the end of the year approaches, the Bitcoin market has fallen into a typical "period of confusion".

From a technical perspective, the issues lie in two areas. First is the exhaustion of liquidity—many market participants have already exited as the Christmas holiday approaches; second is the wave of option expirations—a large open interest in $100,000 call options means that the expiration of such massive options will trigger significant volatility. The collision of these two forces results in a lack of direction in price movements and extreme volatility. For traders, this is simply a minefield.

But the focus is not on now. The real turning point will be after January.

As liquidity gradually returns and option events unfold, the market's attention will shift back to those fundamental drivers - the approval results of Bitcoin spot ETFs, expectations for Federal Reserve interest rate cuts, and macroeconomic data. At that time, the true direction of the market will surface.

So what is the most important thing right now? Patience and discipline. Avoid the uncertainties of options trading in the short term, and focus on after the holidays. The current fluctuations and contradictions are often signals of a new trend brewing.