Today's market . First, let's talk about the general direction of on chain and options today: On chain: ETF funds continue to sell, long-term holders have not collapsed, and miners have not hit the market Short term customers are cutting meat Continue to maintain a moderate correction viewpoint . Options: The volatility is extremely cheap, and the options market continues to bet on a quiet market going forward. The baseline is a narrow grinding disc. 75k is the current core price. This is the biggest pain point and downward support due this Friday. This is also the threshold for GEX to accelerate, holding on to prices here can easily stick around until Friday. Losing it may amplify the downward trend. The ceiling above is at 80k, with a call wall, and the addition of GEX is extremely large. ----------- Figure 1 Order Book This also maintains the view of the 75k core price seen on today's options. The large spot orders are combined with the newly added demand below. If the price reaches around 75k, it is estimated that the unbalanced ribbon will reappear It will be a band range with a good profit to loss ratio. ---- Figure 2: Giant Whale Image At present, the range where the giant whale's pending orders continue to flash below is still 75k and 73k, which also resonate with various factors on the chain . It is worth continuing to pay attention to. 75k can be considered before Friday The attraction with the biggest pain point and the support of spot goods. After the option delivery on Friday and the release of various hedge funds Focus on the direction of the next wave. Another scenario is that if the message surface is affected, the insertion breaks through 75k, and then under the influence of GEX, it quickly inserts down to around 73.5k, where V reverses to around 75k . These are all possible paths under the current huge negative GEX impact of 75k (Figure 3) ------------ From the perspective of liquidity, Figure 4 was completed below 76k yesterday There is no decent rebound Still attracted by 75k Then continue to observe . Based on the spot order volume of 75k today, it is believed that the probability of bouncing above 75k is higher than the probability of inserting directly. At the opening of the US stock market, you can observe the area below 75.28k and above 75k that was previously low today. If there is no good entry model, continue to wait for the potential liquidity range around 74.5k. Hyperliquid has a large long stop loss around 73.8k, which should not arrive today. This is the resonance scene from GEX to 73.5k above