#109亿美元比特币期权周五到期 options expiry is essentially the settlement of derivatives positions. The max pain price often acts like a magnet, pulling the spot price toward that range before settlement. This is a financial choice market makers make to reduce hedging costs, and is standard practice in derivatives markets.
Before settlement, market makers hedge frequently in the spot market, keeping prices firmly pinned and volatility low. Once Friday has passed and the contracts have been settled, market makers’ hedging positions are unwound, and the constraint on the spot market is finally lifted.
Next week, market movements will once again be determined by spot-market fund flows and macroeconomic data. What will truly shape the market’s direction is not the 10.9 billion in expiring contracts, but which month large investors choose to roll their positions into after settlement, and whether spot buyers are willing to step in. Options expiry simply removes the excess leverage from derivatives; once the dust settles, the real supply-and-demand dynamics will become clear.
$EVAA $INIT $XAN
Before settlement, market makers hedge frequently in the spot market, keeping prices firmly pinned and volatility low. Once Friday has passed and the contracts have been settled, market makers’ hedging positions are unwound, and the constraint on the spot market is finally lifted.
Next week, market movements will once again be determined by spot-market fund flows and macroeconomic data. What will truly shape the market’s direction is not the 10.9 billion in expiring contracts, but which month large investors choose to roll their positions into after settlement, and whether spot buyers are willing to step in. Options expiry simply removes the excess leverage from derivatives; once the dust settles, the real supply-and-demand dynamics will become clear.
$EVAA $INIT $XAN
