Tomorrow, Bitcoin will face a massive options expiration, with $23.6 billion in contracts settling simultaneously. Many are watching the price fluctuations, but the real variable comes from the underlying funding structure.

What is the core mechanism behind this settlement? Market makers need to unwind their hedge positions. Once these large hedge positions are cleared, the forces that previously supported or suppressed the price will disappear. The market will enter a period of funding vacuum—during this time, prices may not follow conventional logic, volatility will significantly increase, until new funding enters the market to reprice.

So where are the trading opportunities? If BTC quickly retraces to the dense support zone between 80,000 and 82,000 after settlement, there's no need for excessive panic. Such dips are often the starting point of short-term rebounds, not signals of trend collapse. The hourly chart already shows signs: the price is falling, but the outflow of funds has not increased proportionally, a typical bullish divergence indicator. This suggests selling pressure is weakening, and the market is brewing for technical correction.

Looking back at historical records, from the 2021-2022 cycle to 2024-2025, similar signals have appeared four times, and Bitcoin subsequently experienced rebounds, with some even reversing the trend directly. Currently, market sentiment remains cautious; a more reasonable expectation is to see a rebound first, rather than immediately anticipating a reversal.

In summary, paying attention to changes in liquidity structure is more important than obsessively watching K-line charts. Volatility during the funding vacuum period is a normal market phenomenon.