Let's talk about my strategy for the next few months. First, in the short to medium term, I am building my strategy based on the following judgments: 1. Currently, the price of Bitcoin at 100,000+ is not very cost-effective in the short to medium term. 2. The ENA S4 airdrop has a clear allocation of 3.5%, suitable for financial planning and precise calculations. 3. Currently, arbitrage strategies based on USDT can still easily achieve 15-25% APR. Based on the above judgments, I have executed the following operations: 1. Buy an equal amount of BTC spot, sell 115k BTC call options, and buy 105 BTC put options. 2. My basic position in ENA S4 is still accumulating points. This season is a financial planning bureau with large positions in SENA, flexible small positions in SENA YT, and accelerated EUSDE YT. Since my unified margin mode is all BTC spot, I am not afraid of price fluctuations. When the funding rate is severely negative, I will unload the SENA spot to accumulate points. 3. The remaining cash position is directly hedged with unified margin and then used to mine APR elsewhere, which is flexible and adaptable. Additionally: To supplement, when I constructed this strategy, the cost of options was very low, corresponding to basically 1 Bitcoin (put cost - call cost - forward and current Bitcoin price difference of $600, $600 exchanged for a $13,000 combination). Now the cost is a bit higher. In summary: I can profit if Bitcoin rises, I can profit from horizontal arbitrage, and I can profit if it falls. Even if it falls sharply, there is no loss in opportunity cost, and I can boldly buy the dip. The risk is: if Bitcoin rises above 115,000, I miss out on part of the gains, or if it rises and then falls, it becomes uncomfortable. Feel free to add any opinions, friends.