Market Impact and Outlook
- In the short term, the concentration of whale short positions and the expiration of options may amplify the fluctuations around the critical support level of $65,000-$75,000 for Bitcoin.
- In the long term, the whales' positions are still centered on Bitcoin and Ethereum, with strategic allocations in assets like SOL. The market may enter a 'consolidation period' in 2026, and the institutional whales' dollar-cost averaging strategy will gradually stabilize market volatility.