分析：Bitcoin Drops to $62,000 Range, Market Questions Options “Pain Point Effect” Theory

Odaily Bitcoin has continued to weaken ahead of the expiration of $10 billion worth of options, trading significantly below the widely discussed “Max Pain” price of $72,000, reigniting market skepticism about the validity of the theory. The “Max Pain Theory” posits that option sellers may manipulate the market to drive the underlying asset's price toward the max pain point at expiration, maximizing losses for option buyers and thus maximizing profits for sellers. This theory had previously garnered market attention as Bitcoin approached relevant price ranges before some monthly and quarterly option expirations. However, Bitcoin's recent decline from around $67,000 to below $60,000 has deviated from the theory's expectation, moving away from $72,000. Wintermute over-the-counter trader Jasper De Maere stated that despite the massive size of this option expiration, there has been no clear price anchoring phenomenon in the market recently.

Nevertheless, the market remains focused on the volatility risk associated with this option expiration. Deribit previously noted that the June quarterly options expiration is one of the larger liquidity events this year, with a significant number of contracts expiring or rolling over to subsequent cycles, which could lead to increased short-term market volatility. (CoinDesk)