Matrixport released a chart today stating that Bitcoin saw almost no significant volatility this week, which precisely illustrates the importance of paying attention at this juncture. Beneath the calm surface, the market structure is subtly shifting. Approximately $2.5 billion in gamma exposure is nearing its monthly clearing, and $26.7 billion has been withdrawn from the market since the peak, with overall positioning approaching a reset. The dominant factor driving future price movements may gradually shift from options mechanisms to liquidity itself. In this report, we will focus on three key points: whether the recent rebound is misleading and sufficient to constitute a trend reversal; where will passive hedging pressure primarily concentrate after options expire; and what conditions the market needs to meet to support more sustainable stabilization. Perhaps the most noteworthy phase of this cycle has only just begun. Currently, Bitcoin's price is roughly flat compared to a week ago, but the trend is not stable. The previous rapid decline, and the subsequent equally rapid rebound, were largely related to the options positioning structure. Market makers had been maintaining shortgamma positions. As prices fell, they were forced to sell futures to hedge their exposure, which amplified the decline and accelerated the price toward $63,000.