This Friday will mark the largest options expiration in Bitcoin history, with approximately $13.5 billion worth of options set to settle. Given the current dominance of long positions, the market volatility following the settlement is likely to serve as a key catalyst for a rebound early next year.

Good news continues to emerge on the regulatory front. The new Chairman of the US CFTC, Michael Selig, has officially taken office and completed his swearing-in. As a recognized pro-cryptocurrency advocate, his appointment indicates that the US regulatory framework for derivatives and tokenized assets will become more transparent and clear by 2026, which is beneficial for the long-term development of the entire ecosystem.

Meanwhile, compliant infrastructure providers are accelerating their entry. Fintech company Forms Syntron has submitted an application for listing on the Hong Kong Stock Exchange. Its business covers digital renminbi infrastructure and Web3 payment systems, symbolizing that the crypto infrastructure sector is gaining recognition from the capital markets.

However, short-term liquidity faces challenges. In the past 24 hours, the entire network experienced liquidations of $182 million, with long positions being the main victims. The Christmas holiday has led to a decline in trading volume. Bitcoin has been consolidating within a narrow range, clearing some high-leverage positions, and market sentiment has noticeably become more conservative. More notably, spot gold and silver continue to hit new highs, with overnight prices reaching historic records, while Bitcoin's performance remains relatively flat—some funds are flowing back from risk assets into physical assets, and the narrative of "digital gold" faces a short-term test.

The Bank of Japan Governor Ueda's hints at further rate hikes have intensified this divergence. If economic forecasts materialize, the yen's appreciation is expected to drain some arbitrage capital globally, putting pressure on risk assets.

However, long-term signals remain positive. Data from Brevis(ZK co-processor) shows that community incentives account for 32.2% of the tokenomics, with a total supply of 1 billion tokens. Additionally, the enthusiasm among high-net-worth individuals in Asia for crypto allocation has reached a historic high—surveys indicate that 89% of wealthy Asians have invested in crypto assets, with capital flows shifting from short-term speculation to long-term preservation, and confidence in mainstream cryptocurrencies reaching record highs.