A significant event is approaching in the crypto market, with 18,300 Bitcoin options worth $1 billion set to expire on Deribit. The put/call ratio stands at 0.65, indicating a higher volume of call options compared to puts. The max pain point has shifted down to $61,500 from $63,500, reflecting the selling pressure and bearish sentiment surrounding Bitcoin.

This shift suggests that traders are positioning for further declines, with the max pain point—the price level where most options expire worthless—indicating a lower expected price range.

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