[Should you buy Put during a bull run? Is the stablecoin draining? A review of the seven key points from the 7·23 SignalPlus roundtable guests]

Dragon Heart Salt: Don't blindly trust the holding costs of institutions; when a liquidity crisis strikes, they also have to cut losses. When the market is euphoric, buying put options can not only hedge against price risk but also profit from the surge in volatility.

Zhang Chang: The 11% share of Bitcoin held by institutions is just the beginning, and it is expected to rise to over 20% in the future. CME futures open interest is already the highest in the world, which means that the pricing power in the market is shifting from retail investors to institutions.

PATH: When stablecoins like USDC start to pay interest, it is equivalent to "raising interest" on non-yielding Bitcoin. This could shake the value narrative of Bitcoin, creating a "vampire effect," as funds now have a brand new low-risk yield option.

Inherited Payment: In a one-sided bull run, adopting a selling strategy may have a high win rate, but it also comes with a sense of loss from making small profits while missing out on the entire market. When the trend arrives, it is necessary to have the courage to switch from a stable mindset of earning "premium" to one that dares to take on risks.

Lafayette: I believe Bitcoin has entered a high-level consolidation, and volatility will decrease, so mainly strategies like iron condor will be used to earn the "rent" of time value. This robust volatility reduction strategy allows us to continue profiting while waiting for altcoins to take over the next wave of market.

All wishes are fulfilled: The current price is in a consolidation phase with reduced volume, which is a clear signal that the market is about to choose a direction. In terms of operations, patience should be maintained. The best principle is to wait and see, clearing positions before the trading volume expands effectively and the direction is confirmed.

Andy: The actual interest rate cut by the Federal Reserve in September is a key point, and we need to be wary of the risk of "good news being fully priced in." The market has already fully priced in the expectations of easing, and whether prices continue to rise or turn after the expectations are fulfilled will determine the direction of the market going forward.

#BTC Trend Analysis