Bitcoin options worth approximately $6.4 billion are scheduled to expire in Deribit’s Friday settlement, according to Decrypt. The contracts represent nearly one-fifth of the exchange’s total Bitcoin open interest, making the expiry a significant event for the crypto derivatives market. Deribit’s estimated max-pain level—the price at which options buyers collectively face the greatest losses—is well below Bitcoin’s current trading level. The gap highlights a notable difference between the market’s present position and the level associated with the options expiry. The settlement will close the contracts and provide a key reference point for traders monitoring Bitcoin’s derivatives activity. The information concerns Bitcoin (BTC) options on Deribit and does not indicate how the cryptocurrency will move after expiry.
Source
Decrypt
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