I noticed an interesting coincidence in the market. On Deribit, this week, Bitcoin options worth $14 billion are expiring — nearly 40% of all open positions. And here’s the curious part: the maximum pain level has settled exactly at the $75 ,000 mark, even though the current price is around $73.22K.

According to the maximum pain theory, large players often steer the price right there to minimize payouts. Market makers typically hedge their positions through the spot market, creating mechanical pressure on the price. I’ve seen before how expiration options truly act like a magnet.

What’s interesting: implied volatility has dropped, and institutions are actively selling call options above the current price. This looks like a controlled completion rather than panic. There is geopolitical tension, but the market isn’t in fear mode. I’ll keep watching to see if Bitcoin breaks through this level $75K or bounces back.