Chinese Community Daily Briefing #Daily Report

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Release Date: 2025-12-29

Overall Market Sentiment
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The group sentiment is generally optimistic, with Bitcoin breaking through $90,000 and ETH rising in tandem. The market believes that Asian trading hours drove the rally but is concerned about a pullback during U.S. hours. Key opinion suggests that "market movements when the main players are absent on weekends and Monday daytime don't count," and the real trend will only be confirmed when January officially begins, with a target of ETH 4000. Traders are actively buying call options, but some warn that "skew turning negative" requires caution.

Hot Topics
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• Anomalous structure in the A-shares options market: distant futures are trading at a discount rather than the usual premium, with put IV 10 points higher than call IV. The premium on puts mainly causes the underlying synthetic asset to trade at a discount.
• The core reason is the scarcity of short-selling tools in A-shares; individual stock margin channels are too limited. Hedge funds can only rely on index shorting to implement neutral strategies, leading to a long-term discount of over 2% on CSI 500/1000.
• A trader holding a 108,000 open position with 3x leverage long position has been trapped for 2 months. The liquidation price is 70,000, and profits have been almost exhausted by fees. Long-term leveraged longs face a deadly drain at an annualized fee rate of 10%.