On June 28th, the proportion of BTC option expiration options (ITM) exceeding 17 billion US dollars: about 20% of call options have exercise prices higher than the current market price (108000 US dollars), and holders may choose to take profits or extend, exacerbating the biggest pain point of short-term volatility On June 27th at 16:00, Deribit platform will have Ethereum options worth $1.64 billion expire, accounting for a significant proportion of its open contracts. Max Pain Point: The current maximum pain point price for ETH is $1800 On May 8, 2025, Coinbase acquired Deribit, the first option platform, for $2.9 billion. The transaction included $700 million in cash and 11 million shares of Coinbase Class A common stock. This acquisition has helped Coinbase expand its market share in the cryptocurrency derivatives market, particularly in the trading of Bitcoin and Ethereum options, where Deribit dominates (with over 87% market share in Bitcoin options and over 94% market share in Ethereum options)