#期权交割事件 Yesterday witnessed a historic moment—the $28 billion crypto options expiration day! This scale is unprecedented in the industry’s history, enough to demonstrate how astonishing the maturity of the derivatives market has become.

It’s interesting to look behind these numbers: the Put/Call ratio for BTC options is only 0.35, and for ETH it’s just 0.45, indicating that bullish voices far outweigh bearish ones—although current sentiment is somewhat subdued, participants’ expectations for the future remain. After the expiration, March quarterly options took center stage, with out-of-the-money call options making up the majority. This pattern signals that everyone is preparing for spring.

What truly excites me is the logic behind this phenomenon. The market, even in a bear phase, is accumulating options positions. This "bottom-up" mindset is a typical trait of long-term investors. History shows that every winter is a time to reserve energy for the next spring.

The maturity of the derivatives market means that the Web3 financial ecosystem is becoming more complete and professional. From simple spot trading to complex options strategies, this process itself is the best embodiment of decentralized finance empowering individuals—each participant can use more flexible tools to plan their asset future.

Winter will always pass, so stay optimistic about those who continue to persist and lay out their plans.