A large amount of data shows that approximately $23 billion worth of Bitcoin options contracts will expire next Friday, accounting for more than half of the open interest on the Deribit platform. Currently, the market is already quite tense, and this wave of options expiration could further stir price volatility.

The implied volatility over the past 30 days has risen to nearly 45%, reflecting market nervousness. Interestingly, the options skew is about -5%, which essentially means the market is pricing in downside risk, with pessimism prevailing.

From the options positioning, call options are mainly concentrated at a certain price level, and the underlying logic is worth pondering. Overall, the short-term uncertainty surrounding Bitcoin is increasing, and both investors and traders need to prepare psychologically and positionally for this wave of volatility.