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Analysis: Bitcoin drops to the $62,000 range, and the market questions the options “pain-point effect” theory

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ME News: On June 25 (UTC+8), Bitcoin continued to weaken ahead of the expiration of options worth $10 billion, with the price significantly lower than the market's hotly debated "Max Pain" price of $72,000. Doubts about the validity of this theory are heating up again. The Max Pain theory holds that options sellers may use market operations to push the underlying price close to the Max Pain price, causing options buyers to suffer maximum losses at expiration, thereby maximizing sellers' profits. The theory had previously gained market attention because Bitcoin approached the relevant price range before some monthly and quarterly option expirations. However, recently Bitcoin fell from about $67,000 to below $60,000, and its trend did not move toward $72,000, instead diverging from the theory's expectations. Jasper De Maere, an OTC trader at Wintermute, said that despite the massive scale of this option expiration, the market has not shown significant price anchoring recently. However, the market is still focused on the volatility risks brought by this option expiration. Deribit previously stated that the June quarterly option expiration is one of the larger liquidity events this year, and a large number of contracts expiring or rolling over to subsequent cycles could lead to increased short-term market volatility. (Source: ODAILY)
BTC-1.88%
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