The grand drama of the options market is about to unfold, with both bulls and bears preparing to clash at a critical moment.

Recently, the crypto market has experienced a rare options feast—between 23 billion and 27 billion USD worth of Bitcoin options are expiring simultaneously, along with Ethereum-related positions, bringing the total to as much as 28.5 billion USD. This is the largest single-day expiration event in cryptocurrency history, more than doubling the scale compared to previous years, indicating that institutional funds have already established significant positions in this field.

The most peculiar aspect lies in the market structure itself. The number of call options is nearly three times that of put options, with a bull-bear ratio of only 0.38, and the "maximum pain" point is precisely at 96,000 USD.

**Massive Confrontation in the Options Market**

Looking at the distribution of strike prices, the issue becomes even clearer. Large capital call options are mainly concentrated between 100,000 and 116,000 USD, clearly betting on a long-term rise. In contrast, put options are densely clustered around 85,000 USD, forming a recent defensive line.

This asymmetric layout signals a significant divergence in market participants' expectations at different price levels. The 96,000 USD level controlled by market makers often becomes the focal point of price swings before expiration—because it is the position where the most options buyers stand to lose.

The intensity of capital battles is evident. When options of this scale expire simultaneously, market volatility is often amplified, and prices may repeatedly test these critical levels. For traders, the upcoming market rhythm could be more intense than usual.