The new levels are in focus as about $14.16 billion worth of Bitcoin options are due to expire on Deribit on March 28.

This is one of the largest expiry events the crypto market has faced in recent months.

With the market is sitting roughly $4,700 below the so-called max pain level, the investors are asking if the price drifts toward that strike or does the expiry come and go without any meaningful pull.

The reason the level matters is that large options expiries can influence short-term positioning, hedging flows and volatility expectations.

Bitcoin price: What max pain levels mean

Max pain is the price level at which the greatest number of options contracts expire worthless, inflicting the largest aggregate loss on options buyers.

While making decisions, the traders treat it less as a forecast and more as a structural reference point.

The levels become especially important when a large expiry concentrates open interest around one strike.

For this Friday’s Bitcoin expiry, that strike is $75,000, according to Deribit positioning data.

Because open interest is heavily clustered around that level on both the call and put sides, it can act as a short-term magnet for price before expiry.

That doesn’t mean Bitcoin will necessarily trade there, but the market has built up a dense cluster of exposure around that level.

How pinning happens

The more important dynamic is what market makers do around large expiries.

When they sell options, they typically hedge their exposure in the spot or futures market to remain roughly delta-neutral.

As price moves, they adjust those hedges, buying or selling Bitcoin to keep risk under control.

That flow can create what traders call a pinning effect near a heavily populated strike.

As Bitcoin moves closer to $75,000, the hedging activity tied to that strike can begin to damp volatility and pull price action into a narrower range.

The effect becomes more visible when the expiry size is large and the positioning is crowded.

That is the main reason why this week’s setup has attracted attention well beyond crypto-native desks.

The key point is that this mechanism often suppresses volatility before expiry rather than creating a clean directional breakout into it.

In other words, the options market can temporarily mute price discovery ahead of settlement.

That is why many traders are less focused on whether Bitcoin touches $75,000 exactly, and more focused on what happens once the expiry clears and those hedging pressures begin to fade.

That post-expiry window may matter more than Friday’s closing print.

Once the structural forces linked to the options book ease, Bitcoin is more likely to trade on broader directional drivers again.
source: https://www.tradingview.com/news/invezz:ba1c801f3094b:0-bitcoin-eyes-75k-as-14b-options-expiry-sets-up-key-friday-test/