Tomorrow is the first monthly settlement date of 2026, with over 25% of options positions set to settle. As expected, the Federal Reserve did not cut interest rates, and there have been no major events recently, resulting in a relatively stable market. Implied volatility (IV) is continuing to decline. In the second half of the month, Bitcoin fell back into its trading range. Currently, the resistance at $90,000 and the support at $86,000 are both strong. Market expectations for volatility are also continuing to decrease, and there are no immediate factors indicating a breakout. Recently, a large influx of institutional holdings into exchanges has put significant liquidity pressure on the crypto market. Crypto-related US stocks have also been relatively weak, and market sentiment is gradually becoming pessimistic. Various conflicts and the rise of FUD (Fud) are also gaining momentum.