On June 28, the Bitcoin super-large option with a nominal amount of US$6.636 billion expired and was delivered. The maximum pain point was around 57,000, which became the main reason for the recent sharp fluctuations and declines in the market.

Options can be regarded as a kind of warrant. The buyer has the right to choose whether to exercise the option without obligation, while the seller must bear the mandatory responsibility of exercising the option. In this situation, the closer the price is to the maximum pain point, the more favorable it is for the seller (main force). Understanding this logic, the reason why Bitcoin has recently fluctuated and fallen sharply and accelerated to around 58,000 is self-evident.