Tomorrow marks the first monthly expiration day of 2026, with over 25% of options positions set to expire. As expected, the Fed hasn’t cut interest rates, and there haven’t been any major impactful events recently. The market is quite stable, and IV continues to decline. In the second half of the month, Bitcoin has dropped back into its consolidation range. The $90,000 resistance and $86,000 support levels are both holding strong, and market expectations for volatility are steadily decreasing. For now, there doesn’t seem to be any factors that could break the current situation. Recently, a large number of institutional holders have been transferring coins into exchanges, creating significant liquidity pressure in the crypto market. Crypto-related U.S. stocks are also showing weakness, and market sentiment is gradually turning pessimistic. The noise from various conflicts and FUD is starting to rise.