Recently, an interesting phenomenon has caught attention—the expiration of BTC options contracts reaching a record high in scale.

The numbers are quite astonishing: a notional value of $23.6 billion, which accounts for more than half of the derivatives market. Looking at the market reaction, overall sentiment is leaning bullish, with multiple technical indicators signaling the same.

The most straightforward evidence is the Put/Call ratio. What does the figure 0.38 indicate? Simply put, the open interest in call options far exceeds that of put options, roughly accounting for 63%. This extreme bias usually follows a rally in the market's historical context. Traders' positions clearly favor an upward move.

Next, consider the Max Pain point—that's an interesting concept, representing the price at which the most options expire worthless. Currently, Max Pain is around $96,000, while BTC is still fluctuating between $87,000 and $90,000. It’s common for prices to be "pulled" toward the Max Pain level, which suggests a potential upward push, targeting the $95,000–$96,000 zone, causing a large number of put options to expire worthless.

Another detail—call positions are heavily concentrated in the $100,000–$118,000 range, with many institutional strategies (such as the $1.74 billion Call Condor) also hedging in this zone. If the price truly breaks above $100,000, the market's counterparty dynamics will immediately change, possibly triggering a new wave of movement.

How the market will behave on expiration day remains uncertain, but the signals from the charts are clear.