Bitcoin and Ethereum are falling again. During the US stock market session on Monday, BTC failed to hold above 90,000 USD after breaking through, and is now below 88,000 USD; ETH also couldn't hold the 3,000 USD mark.

The key issue is that a large order is set to expire this Friday. According to data, this Friday will see the expiration of $28.5 billion in Bitcoin and Ethereum options, which accounts for more than half of Deribit's current $52.2 billion in open contracts. In other words, this expiration size has set a record.

Recently, BTC has been fluctuating between 85,000 and 90,000 USD, putting significant pressure on the market. Deribit's Chief Business Officer, Jean-David Pequignot, revealed a key piece of information - the price level that traders are currently most focused on is 96,000 USD, which is where options sellers can make the most profit, referred to in the industry as "max pain".

Pay attention to the details, as the put options with a strike price of $85,000 have accumulated about $1.2 billion in open contracts. If selling pressure increases, the spot price may be dragged down. However, from a mid-term perspective, there are still quite a few bullish spread strategies betting on targets of $100,000 to $125,000. Pequignot also mentioned that this year's end options expiration reflects the evolution of market structure—from a previous speculative game gradually evolving into a policy-driven super cycle, with institutional participation also clearly on the rise.