More than US$2 billion in contracts of #Bitcoin are scheduled to expire today, amid extreme volatility and signs of institutional hedging against bearish risks.

Bitcoin is trading at approximately US$65,000, well below its maximum pain level of US$80,000, the point where the largest number of contracts would expire worthless.

Total open interest in Bitcoin reaches 33,984 contracts, with 21,396 bullish and 12,588 bearish. The 🐻/🐮 ratio of 0.59 indicates a predominance of bullish bets, although positioning shows increasing caution.