After compiling the 3 options charts from 3 reputable exchanges: Binance, Deribit, OKX yesterday The put option (sell) contracts are concentrated a lot in the range of 85000-95000-100000 and call options are abundant at 100000-105000 In the short term from today until the expiration date this month The 95000 area could be the most painful threshold on the total contract value of about 1.5 billion $ data from yesterday.
The most painful threshold is where both put (sell) and call (buy) options have a value of zero 😙.
Therefore, in May, the appeal of this pain threshold may cause MM to push the price down to 95000 to optimize profits. Just reaching 95000 while collecting fees on contracts, MM could earn millions $.
There is also an assumption that the most painful threshold is at 100000, but here MM will face risks with call (buy) contracts when the market is excited with good news and prices could push back up to 105000, causing MM to incur losses.
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