The $ 6 Billion Day Has Come For Bitcoin

The day has come when the $ 6 billion option contract expires in the Bitcoin market. 

Bitcoin lost 10.75% during the week ahead of this critical day. BTC / USD is trading at $ 52,569 on Friday morning. Bitcoin investors gain the right to buy / sell BTC at a predetermined price up to a certain maturity with the options they buy.

According to Bybt data, the option of $ 5.5 billion (105,280 BTC) will expire today. Options in Deribit, one of the leading names in the industry, expired at 11:00. Timecoin Protocol This number sets a new record for the options market. 

The previous record was broken in January 2021 with $ 4 billion. Sales pressure occurred in the market Deribit's COO Luuk Strijers spoke to CoinDesk this critical day ahead. Commenting on contracts that are due today, Strijers drew attention to the max pain point. 

According to current data, the maximum pain in Deribit is at the level of $ 40,000. General status of options in Deribit According to the narration of Ömer Evren Tanyaş, the max pain theory is based on the view that "institutional and big players generally sell options and as a result of their manipulation skills, these players will dominate the [small investor] who bought the option" (154). 

Bitcoin investors are waiting Analysts warned investors of these prehistoric fluctuations. "Buyers expect to see what happens rather than buying from the bottom," said Chad Steinglass, trading manager at CrossTower. he called on investors to act in moderation. 

Talking about Max pain, TraderKoz said, “There really is such a thing as max pain in the options market, but that doesn't mean it has to happen. Max pain just shows at what delivery price most options will be free. " said. .