$12 billion worth of Bitcoin options contracts are set to expire, marking one of the largest quarterly expiries on the Deribit exchange, affecting 45% of open options. Despite this, CEO Luuk Strijers expects subdued volatility; the exchange currently has $27 billion in open interest with a put/call ratio of 0.52, indicating a slightly pessimistic market outlook. Analysts at QCP Capital highlight $85,000 as a key max pain point for options traders. The Deribit DVOL index, which predicts price volatility, remains low at 47, suggesting limited price action is expected. Market sentiment has dropped to levels unseen since January 2023, according to CryptoQuant, with a Bull Score Index reading of 20. Overall, uncertainties regarding U.S. tariffs are contributing to nervousness in both cryptocurrency and equity markets, while the impact of historic Bitcoin movements from creditors like Mt. Gox remains uncertain.

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