交割落地，鐐銬解開：周末大餅二餅深度推演

Expiry Done, Shackles Off: Weekend Deep Dive into BTC & ETH
備受矚目的11月28日大規模期權交割已經塵埃落定。
The highly anticipated massive options expiry on November 28th has finally settled.
站在頂級機構的視角來看，最大的利空（砸盤預期）沒有兌現，這就是最大的利好。
From a top-tier institutional perspective, the biggest bearish expectation (a crash) did not materialize, which is itself the biggest bullish signal.
市場脖子上的無形“鐐銬”已被解開，現在進入了主力驗明正身的時刻。
The invisible "shackles" on the market's neck have been unlocked, and now is the time for major players to reveal their true intentions.
🔹 關於大餅 (BTC)：鑄成鋼鐵防線
🔹 About BTC: Forging an Iron Defense Line
做市商試圖將價格砸向$85,000“最大痛點”的嘗試徹底失敗了。
Market makers' attempts to smash the price toward the $85,000 "Max Pain" level completely failed.
來自現貨ETF和戰略儲備買家的強大被動承接盤，頑強守住了$90,000關口。
Strong passive bid demand from spot ETFs and strategic reserve buyers stubbornly held the $90,000 threshold.
經過本週測試，$88,000 - $90,000區域已從心理關口轉化爲堅實的“機構底”，市場上方路徑已被打開。
After this week's testing, the $88,000 - $90,000 zone has transformed from a psychological barrier into a solid "institutional floor," opening the upward path for the market.
🔹 關於二餅 (ETH)：極度壓抑後的“彈簧效應”
🔹 About ETH: The "Coiled Spring" Effect After Extreme Suppression
我們觀察到了情緒與資金的終極背離：散戶輿論極度悲觀，而貝萊德和富達的ETH ETF卻在恐慌中連續淨買入。
We observed ultimate divergence between sentiment and capital: retail opinion is extremely pessimistic, while BlackRock and Fidelity ETH ETFs showed continuous net inflows amidst the panic.
ETH/BTC匯率依然趴在0.033附近的歷史鐵底，這是宏觀對沖基金眼中最具吸引力的“均值回歸”交易機會。
The ETH/BTC ratio remains at a historic rock bottom near 0.033, representing the most attractive "mean reversion" trading opportunity for macro hedge funds.
隨着交割壓力解除，ETH現在的狀態如同被壓縮到極致的彈簧，其反彈的爆發力大概率會強於BTC。
With expiry pressure removed, ETH is now like a spring compressed to its limit; its rebound explosiveness will likely be stronger than BTC's.
💡 周末策略：警報解除
💡 Weekend Strategy: All Clear
機構目前的態度是握緊在周五前吸納的低位籌碼，切勿在關鍵支撐位上方嘗試做空。
The current institutional stance is to hold tightly to low-cost chips accumulated before Friday and avoid attempting to short above key support levels.
重點留意在周末低流動性環境下，主力是否會利用極輕的拋壓進行拉升。
Pay close attention to whether major players will utilize the light selling pressure in the low-liquidity weekend environment to drive prices up.
(免責聲明：本文僅代表第三方觀點，不構成任何投資建議。市場有風險，投資需謹慎。Disclaimer: This content represents third-party views only and does not constitute investment advice. The market carries risks; invest cautiously.)
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