QCP Capital, a Singapore-based crypto investor, said spot prices remained sideways after a market wash last week. Nearly $20 billion of bitcoin and ethereum options expire this Friday, accounting for nearly half of Deribit's total holdings. Option expiration could trigger a quarter-end volatility sell-off, especially if spot prices are sideways and sellers continue to roll short positions. If BTC breaks through $100,000, volatility may remain stable, otherwise counterfeit products may usher in a catch-up opportunity. The current BTC market share is 58%, and it is necessary to pay attention to whether funds flow to counterfeit products to confirm the trend change.