Over $23 billion worth of Bitcoin options are about to expire. This is not just a numerical headline, but an event that could fundamentally change the short-term trend landscape.

Let's start with the core point: this expiration is essentially a "settlement + reallocation of pricing power," and is not directly related to the price movement itself.

**What does $23 billion mean?**

This will be the largest expiration in Bitcoin options market history.

It's not just about the number of contracts, but the concentrated release of market expectations, capital battles, and position balancing for an entire quarter. Such an expiration window often exhibits three obvious features: trading liquidity is amplified infinitely; prices tend to be "attracted" to the maximum pain point area; volatility is initially suppressed and then suddenly released.

If you notice in the past couple of days: prices jumping up and down, no clear trend, both bulls and bears finding it hard to profit—don't think the market is chaotic. In fact, the big players are just waiting for the expiration moment.

**The real key is the settlement price, not whether the price goes up or down**

Whether Bitcoin itself rises or falls is not the main point. The key is—at what price level it will be anchored for settlement.

In the options world, there is a famous concept called: **Max Pain**

In plain language: the price range that causes the most options positions to become worthless or "turn into a piece of paper."

Market history is clear: before expiration, the price trend is very easily guided toward this zone; once the settlement is complete, this pressure dissipates, and the market will then move according to fundamentals and capital flows.

Therefore, the recent oscillations and suppression are very likely not the end of the trend, but rather a "brewing period" before a major market breakout.