The crypto market is entering a critical moment. On December 26th, over $23.6 billion worth of Bitcoin options contracts are expiring on the same day, marking the largest options expiration in history. Recent market trends show that volatility has already been evident: Bitcoin has been oscillating within the range of $85,000 to $90,000, with over 70,000 traders' positions liquidated in the past 24 hours, resulting in a total loss exceeding $100 million.

So the question is—what impact will this options expiration have on the Layer ecosystem? Many investors are pondering this question. In fact, this will not lead to an ecosystem collapse; instead, it will trigger a significant "reshuffle." Weak projects will be weeded out during liquidity shocks, while fundamentally solid projects with strong fundamentals will have the opportunity to absorb and transfer funds.

Why does the options expiration affect the entire Layer ecosystem? The core reason lies in the change in liquidity structure. Market makers need to unwind their hedging positions after options settlement. Previously effective support and resistance levels will temporarily loosen, and market volatility will significantly increase in the short term. In this environment, capital will flow from high-risk sectors to low-risk sectors. Within the Layer ecosystem, projects vary in quality—some rely on hype and concept speculation to maintain popularity, which exposes vulnerabilities during liquidity shocks; others are backed by real user demand and ecological applications, allowing them to attract fleeing funds. This is precisely what I understand as the "reshuffle."

First judgment: The Layer2 track will become a "liquidity safe haven," and the leading projects will further strengthen their dominance. The current Layer2 market has already moved beyond the small-scale stage. Just looking at Ethereum spot ETFs, the managed assets have reached $28.6 billion. Institutional funds from traditional finance cannot be confined to a single layer network. Coupled with recent technological upgrades and iterations, Layer2's capacity and ecological activity are increasing. The flow of funds after options expiration is highly likely to move here. Leading projects will become even stronger, while mid-tier projects may face marginalization pressures.