The recent wave of market is indeed a bit boring to watch. Bitcoin has been going back and forth between $87,000 and $88,000, and this week it just didn't give a clear direction, and the volatility was so small that it made people want to take a nap. The leading position in the market is also a bit too stable - BTC's market share of 58.97% has been lying sideways for nearly a month, and Ethereum is stuck at $2,900 to $3,000 pacing back and forth. The whole market is like a pool of stagnant water that no one cares about, and you can't find where the trend is.

Today (December 26) it happened - the expiration of large options of $30.3 billion, which is the real focus of the market. Among them, BTC options account for $24 billion, and the majority is here. Bullish funds are frantically betting more than $100,000, with a scale of $21.7 billion. What is the reality? BTC is still hovering at $87,600, and unless it can jump up 10 points to break through $96,000 today, the bulls will have to admit losses. On the contrary, most of the bearish orders are spread in the range of $75,000 to $86,000, and as long as the price can stabilize above $88,000, these short positions will have to be broken.

Interestingly, the Max Pain price (Max Pain Point) is stuck between $96,000 and $98,000. According to the old law of the market, prices tend to move closer to this area - to put it bluntly, it can both break through long options and tease bears, which is the most favorable position for the bookmaker. From the current momentum, the bears have the upper hand, and the bulls are clearly lacking in momentum. This state of sideways trading is ostensibly the market holding its breath, but in fact it is also hollowing out investors' patience.