Bitcoin Settles Its $10.9 Billion Options Expiry Right on Max Pain After the Binance Hack

Bitcoin settled Friday’s $10.92 billion Deribit options expiry at $78,119, almost exactly on the $78,000 max pain level, after the $6.36 billion Binance hack knocked it from $80,850 to a $76,500 low overnight. That low touched BTC’s 200-day EMA, the long-term trend line, to within $32. BTC trades at $77,620, down 3.2% in 24 hours, and the Fear & Greed Index fell from 51 to 30 in a day. With about a third of Deribit’s open interest now gone, the options market is lighter than it has been all month.