Farcaster

Bitcoin options worth $9.4 billion are set to expire on Friday at 08:00 UTC, with the max pain price at $78,000—significantly lower than the current spot price. The majority of the put open interest is associated with hedging activities, according to Dragosch, European Head of Research at Bitwise.

This could lead to a potential squeeze on the upside, potentially driving prices above the max pain level. Hedging activities may be a mitigating factor, but overall, it's an interesting setup for Friday's expiration.