Yesterday, a leading derivation platform experienced a large-scale Options settlement — $23.6 billion worth of Bitcoin Options expired simultaneously, a scale rarely seen in recent years. 2.68 million contracts were settled in one day, significantly reducing the market risk exposure in an instant.

Interestingly, despite the exaggerated expiration scale, the overall sentiment among traders is not too pessimistic. The ratio of put options to call options is only 0.38, in other words, there are clearly more bullish participants than bearish ones, indicating a strong bullish atmosphere. This suggests that most people in the market still hold an optimistic outlook for the future.

From a technical perspective, the "maximum pain point" where option holders suffer the most severe losses is approximately around $96,000. These price levels often act like a magnet before and after expiration, attracting prices to oscillate repeatedly in the vicinity - this is also a common phenomenon in the options market.

From the spot market perspective, the current trading price of BTC is around $88,000, with the total market capitalization at about $1.75 trillion. The fact that this large-scale expiration did not cause significant ripples indicates that the market's liquidity and stability are quite good.