Nasdaq hit a new ATH.

S&P 500 hit a new ATH.

DXY is crashing hard.

Bitcoin ETFs inflow are rising.

But why is BTC still below its ATH?

This is primarily due to quarterly options expiry that will happen today.

Nearly $15B in BTC options will expire today, which is one of the biggest in 2025.

The max pain is at $102K, which means if BTC is closer to this price, both bulls and bears will lose.

This is why the BTC pump is getting retraced as big money is trying to push down BTC price towards its max pain.

Once the option expiry happens, I think BTC will catch-up really soon.