0205 Options - The market no longer believes a short-term rebound to above $85K is possible. Let's look at today's Bitcoin options data. Key points: - Today's high-volume options were Puts, indicating severe risk aversion, with some even reaching $60K. The market believes that a return to $70K is unlikely by March 26th, followed by $75K at the end of June, $75K at the end of September, and $65K at the end of December... - Bullish investors are liquidating their positions. Short-term Calls at $85K are almost zero (13FEB26-85000-C). The number of people believing a return to $85K by mid-February has significantly decreased, leading to a severe sell-off of these options. - Institutional consensus downside range: $65,000 - $75,000. The largest volume Puts were concentrated at 25DEC26-65000-P ($263M), indicating that some are positioning for a potential BTC price to reach $65K before the end of the year. This actually aligns with the bottoming pattern of the "medium-to-long-term grid" strategy currently being established. Although a drop below 70K is indeed quite bearish for the overall market, the increased trading volume may indicate that short-term panic is nearing its peak.

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