分析：Bitcoin drops to $62,000 range, market questions the options "pain point effect" theory

Odaily reported that Bitcoin has been weakening ahead of the expiration of $10 billion worth of options, with its price significantly below the much-discussed "Max Pain" price of $72,000, reigniting market skepticism about the validity of this theory. The "Max Pain Theory" suggests that options sellers may manipulate the market to drive the underlying asset's price toward the max pain point, maximizing the loss for options buyers at expiration and thereby optimizing the sellers' profit. This theory previously gained market attention when Bitcoin approached related price ranges before some monthly and quarterly options expirations. However, Bitcoin's recent decline from around $67,000 to below $60,000 has deviated from the theory's predictions, moving away from the $72,000 mark. Jasper De Maere, an over-the-counter trader at Wintermute, noted that despite the massive scale of this options expiration, there has been no obvious price anchoring phenomenon in the market recently.

Nevertheless, the market remains focused on the volatility risk associated with this options expiration. Deribit previously stated that the June quarterly options expiration is one of the largest 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)