Next Friday is a critical moment. The crypto market will face an unprecedented scale of Options Delivery—contracts worth approximately $23.6 billion are set to expire. It is worth analyzing whether this will trigger significant Fluctuation in the market or mark the beginning of a new trend.

First, let's look at the Fluctuation aspect. The concentration of Options expiration means that a large amount of hedging and position adjustment operations will occur intensively in the short term, thereby amplifying buying and selling pressure, making it difficult for price Fluctuation not to intensify.

The most interesting part is the so-called "maximum pain point". The pain point for this contract expiration is around $96,000, and the market usually converges around this price, experiencing short-term fluctuations. This is a position that market participants are well aware of.

If the price can clearly break through the key levels of 120,000 USD or fall below 85,000 USD after expiration, it may trigger trend-driven buying or selling, and the market will accelerate accordingly. Conversely, it may fall into a range-bound fluctuation.

One must also guard against high leverage positions. Increased fluctuation often triggers a chain liquidation, especially for those contract positions with high leverage. Once they are liquidated, it can further amplify the short-term price fluctuation. This risk is significant.

More importantly, the medium-term impact. After expiration, institutions and large holders will adjust their positions, which determines the liquidity and direction of the market in the coming weeks, affecting a wider range than expected.

So investors need to closely monitor risk control at this stage and not let short-term fluctuations take a toll on them. At the same time, don't forget that in the medium to long term, it's still important to pay attention to the macro environment and overall capital structure; options expiration is just a point in the market's liquidity.