QCP Capital indicates that as the holidays approach, spot prices continue to maintain horizontal fluctuations. This Friday, there will be nearly $20 billion in nominal value of Bitcoin and Ethereum options expiring, which accounts for nearly half of the total open interest in Deribit options. After the options expire, it is likely that we will see a typical end-of-quarter volatility sell-off phenomenon reappear, especially if spot prices continue to fluctuate within this range and options sellers continue to roll their short positions. Unlike options sellers who must wait for the options to expire to release collateral, call option buyers may have already rolled most of their positions in advance. However, if BTC can successfully break through the $100,000 threshold, volatility may remain stable. Meanwhile, as BTC continues to hover below $100,000, we may also see altcoins begin to rally again.
