Last night, $28 billion worth of options contracts settled, widely portrayed as the "largest nuclear bomb in history," yet it did not trigger the expected intense volatility. Bitcoin continues to fluctuate around the 87,000 level, with candlestick patterns forming a textbook-level symmetry—this is not a sign of the market losing direction, but rather an indication that large players are systematically advancing their chip exchanges.

Many people see 87,000 as a simple support level. In fact, a more accurate description is that it has become a "life and death line." On one side is the dense cost area for bulls, and on the other side is the escape route for retail investors cutting losses. The so-called "strongest support" in analyst discussions is essentially a "price discovery" process during collective handovers by big players. The high concentration of chips in this range is no coincidence—it's a pre-set game scenario.

Why didn't this wave of options settlement create a major market move? To a large extent, because the node itself is just a facade. The real showdown is just beginning. Large players are waiting for retail investors' sentiment to collapse, waiting until you feel there’s no opportunity and decide to cut losses. Historical data shows that such critical periods often see increased volatility—not because it won't happen, but because the timing isn't right yet. You will notice a pattern: after each major options settlement, the market usually doesn't surge or plunge immediately; instead, it enters a "grinding" phase, wearing down participants' patience, before a sudden move occurs.

The options settlement in March last year is a typical example. After settlement, Bitcoin traded sideways for a week, and within the following month, its cumulative gains doubled. It seems the current scenario is replaying that script—sideways movement is not the end, but the calm before the storm. If you get shaken out now, it’s pointless to regret later.

For participants, it’s crucial to grasp these three points:

**First, hold the 87,000 line.** Whether it breaks or holds determines the probability distribution of the subsequent trend. Big players’ cost basis is around this level, and their willingness to defend this line is often higher than that of retail investors.

**Second, watch for a breakdown signal at 86,500.** If the price drops with high volume below this level, reducing positions and observing is the safer move. This isn’t about faith, but a pure probabilistic judgment.

**Third, avoid frequent trading during sideways periods.** Big players love to harvest impatient participants during volatility. Patience is often the most scarce resource.

The crypto market always repeats the logic of "grind—initiation—surge." The repeated oscillation around 87,000 won't last forever—once chips are sufficiently concentrated, the next move will be quite sudden.