Analysts linked the sustained ETF redemptions to a broader climate of “extreme fear” in global markets triggered by turbulence in the Japanese bond market, which has rattled investor confidence and spilled over into risk assets.
The ‘Max Pain’ Dynamics FAQ What happened on Jan. 23 with bitcoin options? $1.81 billion in Bitcoin options expired, sparking sharp price swings around $90,000. Why did bitcoin drop below $89,000? Persistent ETF outflows and global market fear pressured prices lower. What is the “max pain” level for this expiry? Deribit data showed max pain at $92,000 with a put/call ratio of 0.74. How did traders react to the volatility? Over $83 million in short positions were liquidated before Bitcoin rebounded above $90,000.Bitcoin Reclaims $90,000 as ‘Hedging Shackles’ Fall After $1.8B Options Expiry
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