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#BTC surges and then retreats, options expiration amplifies the battle at key levels 6.4 billion options expire this afternoon, with 80,000 being the battleground for longs and shorts. At 4 PM today, 81,700 Bitcoin options on Deribit expired, with a notional value of $6.44 billion. 44,639 call options, 37,061 put options. Put/call ratio 0.83, overall bullish. Maximum pain point at $68,000—the price level where option sellers most hope the price will land. But now the spot price is around 79,000. That's a difference of $11,000. The strike prices of 75,000 and 80,000 are heavily populated with call options. The notional value of options within 5% of the spot price exceeds $500 million. People with orders in hand should be keeping an eye on this number this afternoon. On the other hand, $ETH options expired on the same day with a notional value of approximately $961 million. The maximum pain point was at $2,200, but the spot price was around $2,490, deviating by about $300. $BTC deviates from $11,000, while ETH deviates by about $300. The one with the greater deviation faces more pressure. Coincidentally, Wash is set to deliver his first keynote speech tonight in Jackson Hole. The expiration of options and the Federal Reserve Chair's speech coinciding on the same day introduced too many variables. Can BTC hold above $80,000 this afternoon? Can ETH maintain $2,400? The clarity of how inflation, employment, and financial conditions influence policy is more important than hawkish or dovish labels. A vague framework could lead to repeated market repricing of the Fed-Treasury long-term yield curve, increasing volatility in the dollar, Treasury bonds, gold, and BTC. This is not a recommendation, but merely an analysis.$BTC $ETH