Bitcoin falls to the $62k range, and market skepticism towards the option "pain point effect" theory heats up.

Deep Tide TechFlow News, June 25 — According to CoinDesk, Bitcoin continues to weaken ahead of the expiration of $10 billion worth of options, with prices clearly lower than the widely discussed "Max Pain" price of $72,000. Doubts about the validity of this theory are resurfacing. The "Max Pain Theory" suggests that option sellers may influence the market to push the underlying price close to the Max Pain price, causing option buyers to suffer maximum losses at expiration, thereby maximizing sellers' profits. This theory previously gained market attention because Bitcoin approached relevant price ranges before some monthly and quarterly option expirations. However, Bitcoin has recently dropped from around $67,000 to below $60,000, diverging from the $72,000 level and contradicting the theory's expectations. Wintermute OTC trader Jasper De Maere noted that despite the massive size of this options expiration, no significant price anchoring phenomenon has been observed in the market recently.

Nevertheless, the market remains focused on the volatility risks brought by this options expiration. Deribit previously stated that the June quarterly options expiration is one of the larger liquidity events this year, and the expiration or rollover of a large number of contracts to subsequent cycles could lead to short-term market volatility.