Tonight's BTC options expiration is worth paying attention to. According to data, open interest in call options is about 2.5 times that of put options, indicating a bullish market sentiment. The biggest pain point is around $94,000—this price level is critical. If the closing price stays close to this level, most options will expire worthless, and the actual impact on the market will be limited.

But it's not that simple. Once the price breaks through this key level, especially with a rapid upward move, market makers may passively increase their spot or futures positions to hedge their risk exposure. This passive buying can amplify the short-term upward momentum. The opposite scenario also holds—if the price remains below the pain point, all the call options will expire worthless, and market sentiment will be noticeably suppressed.

Based on the position structure, the probability of an abnormal move tonight is indeed not low. However, how large the volatility will be and how long it can last ultimately depends on the real absorption capacity of the spot market and how institutional investors arrange their hedging strategies.

For most investors, it’s best to observe on such event days. Short-term trading carries higher risks, and chasing blindly can easily lead to being caught. If you are a long-term holder, you can view these technical events as short-term disturbances—hold your coins as usual and avoid frequent strategy adjustments.