On June 20th, the $4 billion options in the cryptocurrency market expired, with volatility approachingThis Friday, BTC and ETH option contracts worth a total of $4 billion will expire, with the BTC portion alone exceeding $3.5 billion, on Deribit platform. The activity of institutions has soared, and market sentiment is becoming cautious. 📉 The Put/Call ratio is approximately 1.006, indicating a stalemate between long and short positions. 📍 The maximum pain point price (max pain) is 105000, slightly higher than the current price, becoming a key tug of war area. ⚠ The last large-scale expiration (at the end of May, 11.5 billion) triggered a market correction. The current combination of macro uncertainty and geopolitical risks may amplify short-term volatility with this maturity. 📌 conclusion The expiration of this round of options may become a market watershed, 105000 is the key contested position, Institutions are adjusting their positions, and retail investors are wary of fake breakthroughs/liquidation needles.