Analysis from Galaxy Digital's Chief Researcher Thorn shows Bitcoin options pricing: Options traders are simultaneously betting on two completely different outcomes, with almost equal probabilities: By mid-2026, Bitcoin could be around $70,000 or $130,000; By the end of 2026, the range widens further to $50,000 or $250,000. The options market is a core tool for institutional investors to hedge against future price risks. Such an extreme and symmetrical price distribution suggests that professional funds have not formed a consensus on direction yet, but are instead preparing for significant volatility itself. Currently, the cost of downside protection options for BTC is more expensive than bullish options. This phenomenon is usually seen in mature commodity markets, rather than high-growth sectors. Playing with options over the next year could be very interesting.