$6.4 billion in BTC options expired this morning on Deribit, with a max pain at 68 000$ while Bitcoin was trading near $80 000$ (+0.21% to $79,611). A 12 000$ gap between max pain and the spot: proof that nobody expected such a violent +20% surge in one week. The 75k and 80k calls written when IV hit its 2026 lows have ended up in the money—pain for options sellers. From now on, attention turns to Warsh’s remarks at Jackson Hole and the next open interest distribution post-expiry, which will show where the market is repositioning its bets. Will this options market flush clear the path to 85k, or will resistance hold? #Bitcoin #Options