finally some explanation: the Max Pain

Bitcoin Slumps to Below $48K Ahead of $6B Options Expiry

A total of 129,800 option contracts worth more than $6 billion are set to expire on Friday. Data shows that bitcoin tends to move toward the “max pain” point in the lead-up to an expiration and sees a solid directional move in days after settlement.

huge open interest!

This price move trend usually comes from spot market manipulations by option sellers to push the spot price closer to the strike price at which the highest number of open options contracts expire worthlessly. That creates maximum losses – so-called max pain – for option buyers. The max pain point for Friday’s option expiration is $48,000, according to Cayman Islands-based crypto financial services firm Blofin.

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