http://Greeks.Live Chinese Community Daily Brief ===== Release Date: 2025-09-22 Overall Market Sentiment ===== The community is clearly divided on market direction. The bearish camp believes we are currently in the distribution phase (phase C), expecting ETH to break below 4000 and BTC to retest its bottom. Meanwhile, the optimists are still hoping this is the final dip before the bull market takes off. Traders are generally focused on the rise in options IV and the liquidation of open interest, with overall market trading volume significantly shrinking. Hot Topics ===== • A rapid $1 billion long liquidation spike occurred, with ETH plunging to 4000 and BTC dropping below 112000. The lack of a significant increase in trading volume suggests that bulls have been exhausted at higher levels. • Trading strategies are shifting toward calendar spreads (selling short-term puts and buying long-term puts) and selling puts at lower levels. The rebound in IV pricing is providing better opportunities for options traders.