The $BTC and $ETH options with an exercise date of September 24, 2027, are now available on OKX. Currently, it is an advantageous phase to position LEAPS Calls. 1. The bull market is highly likely established, and prices are expected to be significantly higher than current levels in one year. 2. The daily decay in the early stage is much less than that of short-term options, allowing more time for the trend to materialize. 3. Implied volatility is below the long-term average. 4. The market is in a correction phase following the first wave of the rally. 5. BTC and ETH, as leaders among major crypto assets, have strong stability but relatively limited upside, requiring prudent leverage to enhance returns. 6. Positioning early allows selling anytime before expiration; during subsequent consolidation phases, selling short-term Calls can help recover costs.

At 8 AM Beijing time, $BTC has just completed the weekly candle close, fully breaking through the high level from May. This is a mechanical entry point for large-scale "breakout chasing" strategies and a major buy signal closely watched by various trend CTA strategies. Just after 8, you can feel the influx of funds in the market. Due to the "market closed" nature of the weekend, many such funds also enter early during the weekend. However, supply quickly pushed the price down to 84K, slightly breaking below the small channel, increasing the possibility of further downward correction. Let's see if the market will first give the right-side trend players a "stop loss".

$BTC individual made a short-term short position around 84500, take profit near 80500, stop loss near 85300, small position with one-hour chart holding above stop loss.

$BTC daily chart level shows a bearish divergence in technical indicators, needing time to digest. The entire market is not suitable for "chasing highs" in the short term.

Killa has started building his own $BTC 10x long plan. The first position is bought at the current price, the second position at 75584.17, the third position at 68417.89, and if it falls below 61956.82, all positions are stopped out. This is also the main personal observation of key levels. If it breaks below 82K, the first range down is the 82K-75K consolidation zone; if it breaks again, the second range down is the 75K-68K consolidation zone. So far, it is still the early stage of the bull market. Breaking below 62K is defined as a bull trap in the past two months. This possibility is very low. Waiting for the long-term options to launch in September 2027, preparing to continue deploying LEAPS Calls.

Currently, the $BTC support at 82K is quite critical. The long-term downtrend line on the daily chart has long been broken, confirming the end of the downtrend. The price is still above 82K, having broken through the horizontal resistance level and left the lower consolidation range, which should mark the beginning of an uptrend. If the price falls back below 82K again, then the breakout of the horizontal level will be a "false breakout," and the market may return to consolidation, regrouping for the uptrend.

Unconsciously ended up with this kind of real trading data. It can be imagined that this data must belong to someone who often "holds positions". The first wave of reversals for SNDK and SPCX was relatively successful personally. The second wave started shorting these two targets again around 1700-1800 and near 150, and has been holding positions for a long time. To avoid being hunted for liquidity by the market main force, the daily chart holds stop-loss at a stable level, and breaks new highs to stop loss. This kind of exit strategy makes me "stand firm" most of the time. Many friends mentioned "your risk-reward ratio has issues," and my solution is: small positions aiming for a high win rate.

How to use options synthesis to create a short position? There is a strategy structure called "risk reversal," where I sell 1 BTC call option and simultaneously buy 1 BTC put option, without paying a premium, so that a market decline can protect the position's value. When I also hold the spot asset at the same time, the entire position strategy combination is called a "collar" strategy. Advantages: The strike price of the sold option can be higher than the current price, providing greater tolerance. In the example, a loss will only definitely occur if the price exceeds 88K by the October expiration. Disadvantages: The protection effect is slightly inferior to directly shorting the contract. The recently constructed structure has already started to provide protection for the spot position.

The last delivery week of September saw significant market volatility. Originally, it was expected that 88K would be reached in October, but it was already close by early this morning. To some extent, the gains were drawn forward prematurely. The Clarity Act not passing actually led to a rise; in hindsight, this was because of SEC intervention, which indirectly provided a policy boost. President Xi's upcoming visit to the US also added fuel to the shared sentiment between stocks and crypto. This sudden surge in September is actually not very good news for the fourth quarter. The market surged and positive news was realized. Therefore, the plan is to first take phased profits on most altcoins, while buying some put options to protect $BTC and $ETH. Shifting from seeking Alpha to a more defensive stance.