A substantial $23.6 billion in Bitcoin options contracts are set to expire next Friday, making it a critical date for market participants. The positioning reveals interesting dynamics: call options are heavily concentrated at the $100,000 and $120,000 strike levels, suggesting bullish sentiment among certain traders. Meanwhile, put options show notable clustering around the $85,000 mark, indicating demand for downside protection. The Max Pain level sits at $96,000, the theoretical price point where the maximum number of options expire worthless. This convergence of data points will likely influence Bitcoin's price action as expiration approaches, creating key levels to monitor for both volatility and directional moves.