$7.9 billion in BTC options are set to expire! The market is closely watching "2 key price levels," with the max pain point at $71,000.

ORIGINAL79 億美元 BTC 選擇權將到期！市場緊盯「2 關鍵價位」、最大痛點在 7.1 萬美元

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The cryptocurrency market is bracing for a major turning point. This Friday, nearly $7.9 billion worth of Bitcoin options are set to expire on the Deribit platform. The latest positioning data shows that market capital is heavily concentrated around the $62,000 and $75,000 price levels, signaling the start of a tug-of-war between bulls and bears. According to analysis from the on-chain data firm Glassnode, $75,000 is currently the stronghold for "Call options" heavily bet on by the bulls. As of now, the open interest at this strike price has reached $395 million. More alarmingly, at the $75,000 level, "Gamma Exposure" (a metric measuring the sensitivity of option prices to asset price changes) is deeply negative. In financial markets, this means that market makers, in order to hedge, will tend to "buy high and sell low"—when the price rises, they must buy more Bitcoin; conversely, when the price falls, they must sell more. This force will further amplify market volatility, making the area around $75,000 an "eye of the storm," where extreme fluctuations are likely as the price approaches this level. On the downside, "Put options" representing bearish protection are concentrated at $62,000, with a total contract value of approximately $330 million, forming the primary support zone for a Bitcoin pullback. At the intersection of bullish and bearish forces, the "Max pain price" for this contract expiration sits at $71,000. The "Max pain" price is the level at which the most traders would suffer financial losses upon option expiration. Historical experience shows that as the expiration date approaches, the price often gravitates toward the "Max pain" level. Currently, Bitcoin is trading above the $71,000 "Max pain" level, and the next test will be whether the bulls can maintain these gains. Beyond the options market, the undercurrents in the futures market cannot be ignored. Currently, the funding rates for perpetual contracts remain negative, indicating that a large number of short positions are accumulating in the market. Should Bitcoin hold firm at the $75,000 level, these shorts will be forced to buy back Bitcoin to cover their positions, thereby fueling upward momentum and igniting a "short squeeze."

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