http://Greeks.Live Chinese Community Daily Briefing ===== Release date: November 25, 2025 Overall market sentiment ===== There are significant differences within the group regarding the short-term trend of Bitcoin. Bulls expect to break through $90000 or even $100000, believing that bottoming out has been successful; Bears believe that they are still in a high-level bearish trend and are wary of the bullish lock up zone above 92K. Traders generally pay attention to key price levels such as 87K, 91K, 92K, and 95K, and their short-term strategy is mainly to go long with a double dip or sell call options near 92K. hot topic ===== The current market environment with high IV and relatively stable prices provides ideal profit opportunities for option sellers. Several traders have adopted the sell call 92K strategy, hoping for a gradual increase of 5K per week until Christmas to avoid a rapid rise that could lead to option exercise The razor strategy has become a focus of discussion in the group, and the new razor structure is more concise. It combines the three engines of selling options, fund rate arbitrage, and grid trading operation. Traders remind us to understand the position adjustment mechanism before imitating it. We plan to officially announce the details before and after Christmas and open live orders The feasibility of cross exchange arbitrage has sparked in-depth discussions. IV spread arbitrage is different from futures spread hedging, as it can only hedge a portion of the option price difference rather than the entire one, and is limited by liquidity and technical barriers. The stability of arbitrage depends on the magnitude of force majeure, and emotional based trades such as rate arbitrage are considered "completely unstable arbitrage"