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$6.4 billion in Bitcoin options expire with max pain below BTC

Deribit’s Friday settlement covered nearly a fifth of the exchange’s Bitcoin open interest, with the options’ max pain level far under the current BTC trading area.

Reported · Written up by our desk · Market Structure

Bitcoin options worth $6.4 billion are set to expire, with the focus on where prices could gravitate into settlement. Decrypt reports that the contracts being settled on Deribit Friday cover nearly one fifth of the exchange’s Bitcoin open interest.

The same report says the options’ max pain level sits well below where BTC is trading right now, implying limited incentive for a push toward the max pain area near expiry.

As settlement approaches, market participants often watch these positioning metrics, since they can influence short term hedging and pricing around the strike levels that dominate open interest.

Overall, the expiry highlights how concentrated open interest can be around specific strikes, even as the max pain reference remains below the market’s current Bitcoin level.

Latest closeBitcoin $79,985.12 ▲1.2%

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