According to Odaily, Adam, a macro researcher at Greeks.live, stated on the X platform that more than half of the total options positions are set to expire this Friday, the 26th. Currently, the main trading activity involves rolling over positions, which could introduce significant signal noise into the crypto market. In recent days, it is advisable not to use options data as trading signals. For instance, today's large put transactions accounted for 30%, but this should not be interpreted as a bearish signal. Many deep out-of-the-money and in-the-money put options were traded, which should not be seen as institutional views on price levels. As a large number of options expire, many institutions roll over positions in advance to mitigate pin risk.