#美联储货币政策预期 Recently, I've noticed some new trends in the Bitcoin market. On-chain data shows that the short-term holding cost basis is quite important and has been providing support. Although the price is still being pressed in the range of $114,000 to $118,000, the attitude of long-term holders is easing, and ETF funds have also flowed back, suggesting that demand seems to be stabilizing. Market sentiment appears to be cooling down, resembling a consolidation phase rather than a collapse. Over in the options market, it just experienced a record-setting expiration day, and positions have been reset. Volatility has dropped, with skewness moving towards a neutral direction. Overall, the market environment is becoming more neutral and constructive. Everyone can follow closely and wait for the arrival of the next decisive trend. Remember to manage your risks well!