Tomorrow marks the first monthly expiration date of 2026, with over 25% of options positions set to expire. As expected, the Federal Reserve did not cut interest rates, and with no major events on the horizon, the market remains remarkably stable, with implied volatility (IV) continuing its downward trend. Bitcoin has retreated back into its consolidation range in the latter half of the month. Both the $90,000 resistance and $86,000 support levels remain robust, while market expectations for volatility continue to diminish. No decisive factors appear imminent to break this stalemate. Recent large-scale institutional outflows into exchanges have heightened liquidity pressures in the crypto market. Crypto-related U.S. stocks also show weakness, with market sentiment gradually turning pessimistic. Amidst escalating conflicts and growing FUD, the volume of negative sentiment is intensifying.(Greeks.live)