$84,000 Is Bitcoin’s Worst Case, Options Trading Firm CEO Says
Deribit CEO Luuk Strijers has pointed to $84,000 as the “max pain” level for Bitcoin ahead of a significant December options expiry, suggesting the market could be pulled down to this level before finding new equilibrium.
Strijers’ analysis highlights the unique dynamics of the upcoming quarterly expiry, which accounts for 44% of all outstanding Bitcoin options, making it the largest options expiry this year.
“The max pain level is $84,000, which is the typical indication of where to expect this expiry to end up in normal market circumstances,” Strijers told Benzinga about the upcoming Dec. 27 expiry.
He explained that max pain levels, derived from the strike price where most open interest resides, often act as a gravitational pull on the market during major expiries.
Bitcoin is currently trading at $93,100 levels, down 2.5% over the last 24 hours. Ether (CRYPTO: ETH) is trading at $3,270, down 1% for the day.
Other major altcoins like Solana (CRYPTO: SOL), Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are …
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