Bitcoin options worth $7.8 billion are set to expire on January 31, 2025, at 08:00 UTC, with a significant amount expected to expire out of the money. Approximately $6 billion of this notional value is predicted to become worthless as the largest cryptocurrency trades well above the max pain price of $98,000. Deribit CEO Luuk Strijers indicated that market dynamics could influence price movements, as market makers may attempt to push prices lower to maximize profits. Currently, about 50% of the expiring options are puts, seen as either hedging mechanisms or bearish bets ahead of significant market events. A notable 74,000 contracts are expiring, with roughly 22.6% currently in-the-money, which can trigger delta hedging flows. The implied volatility index (DVOL) is also mentioned to be around 60, reflecting high market activity following recent price increases.

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