Approximately $5 billion in bitcoin options contracts are set to expire on Deribit this Friday. The recent price drop has left a majority of options out-of-the-money, resulting in significant unrealized losses for traders. Almost 100% of calls are out-of-the-money, while the remaining $1.1 billion in contracts are in-the-money, dominated by puts. The max pain price is $10,000 higher than the current spot price, potentially incentivizing options sellers to push the price closer to that level. PowerTrade suggests that increased volatility and potential price gravitation towards the max pain level can be expected.



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