Bitcoin’s $1.28 Billion Options Expiry Carries $82,000 Max Pain

About 16,000 Bitcoin (BTC) options contracts are scheduled to expire Friday, Oct. 23, with $1.28 billion in notional value and a max-pain level of $82,000. Bitcoin’s $80,000 level remains a strong support point as the broader market trades in a range near the bottom of a bear market. The expiry also includes 58,000 Ether (ETH) options with $250 million in notional value and a max-pain level of $2,460. Implied volatility remains above 35%, a level considered low. Gamma exposure is spread across price levels rather than concentrated around round numbers, reflecting limited market consensus on direction.