$23.6 billion worth of Bitcoin options are experiencing a historic expiration today, and this is not just a number but a signal that the market is about to undergo intense volatility.

Many are still watching the candlestick patterns, but the key elements are actually hidden within the deeper structure. Market makers unwinding their hedging positions means that the existing support and resistance levels may temporarily fail. The market will enter a "funding structure vacuum"—sounds mysterious, but essentially it means volatility will be amplified, and price movements may defy logic, speaking solely through amplitude.

So where are the opportunities? If, after the expiration, Bitcoin retraces to the 80,000 to 82,000 range (the previous dense low points), don’t rush to panic. This might not be the start of a trend collapse; instead, it could be a good spot for a short-term rebound. The correction caused by the structure vacuum and the trend-driven sharp decline are two different things.

Market liquidity has already given an interesting signal: prices are declining, but large fund outflows are not accelerating in tandem, creating a bullish divergence. Historical data shows that in the past two cycles, such signals appeared four times, and each time they were followed by rebounds or even reversals.

The probability of a rebound in this cycle is higher; market sentiment is still recovering. The bull market may not have arrived yet, but it’s on the way. Stay observant, stay rational.