Options Expiration: Approximately $2.2 billion worth of options expire around April 24-25, with major players heavily shorting near 80k, suppressing breakout.

• Contract Liquidations:

◦ About $420 million liquidated across the entire network in 24 hours, with BTC accounting for 41%.

◦ When prices surged, long leverage was concentrated; as prices retreated, chain reactions of liquidations/forced liquidations were triggered, accelerating the plunge.