According to Lin Chen, head of business development - Asia at Deribit, Bitcoin's put-call ratio has increased to 0.72 ahead of a $14 billion options expiry on Deribit, driven by cash-secured puts as a yield-generation and BTC accumulation strategy. Deribit Metrics data shows 141,271 BTC options contracts expiring, with 20% of calls in-the-money, suggesting profitability linked to persistent BTC ETF inflows and potential volatility around the event. Wintermute's OTC desk reported neutral market flows with a slight bullish bias, including straddle selling at $105,000 and put shorting at $100,000, indicating expectations for tight price action near the max pain point of $102,000.